Hellenic Petroleum is in negotiations with TotalEnergies to resolve the issues arising from the withdrawal of the French company from the exploration of possible natural gas deposits in the two sea areas “West” and “Southwest of Crete”.
According to HELPE, the negotiations have not yet been concluded.
In particular, as stated in an announcement on the Stock Exchange:
HELLENIC PETROLEUM HOLDINGS SA (the “Company”), on the occasion of recent publications and at the request of the Hellenic Capital Market Commission, informs the investing public about the following:
Pursuant to the Lease Agreements from 27 June 2019 between the Hellenic Republic and “Total E&P Greece B.V.”, “ExxonMobil Exploration and Production Greece (Crete) B.V.” and the Company for the concession
– the right to explore and exploit hydrocarbons in the sea area “West Crete”, Greece (ratified by Law 4631/2019),
– the right to explore and exploit hydrocarbons in the sea area “Southwest of Crete”, Greece (ratified by Law 4628/2019),
the Company acquired a percentage of 20% on each of the above contracts.
“Total E&P Greece B.V.” has been appointed as a trustee (manager) in both areas, which maintains a 40% stake in each of them.
The percentages of the Company in each of the above contracts were transferred to its subsidiaries “HELPE WEST KRITIS SA”. and “HELPE SOUTHWEST CRETE SA” respectively, with relevant Decisions of the Deputy Minister of Environment & Energy, in accordance with the provisions of current legislation.
Following the recent update of TotalEnergies’ decision to withdraw from the above areas, “Total E&P Greece B.V”. and “ELPE WEST KRITIS SA” and “ELPE SOUTHWEST CRETE SA”, are in negotiations to resolve the issues arising from this departure. The above negotiations have not yet been concluded, and an appropriate information to the investing public will follow upon their completion. It should also be noted that any relevant transaction, to the extent that it will take place, is not expected to have a material impact on the Group’s financial figures.
Latest News
Foreign-Owned Businesses in Greece Thrive in Trade and Services
Despite government efforts to attract foreign investment, only 0.6% of all businesses across Greece are foreign-owned.
41st Athens Marathon- Traffic Regulations in Athens from Thursday to Sunday
Traffic regulations will be implemented gradually, starting from Thursday, as part of the 41st Athens Marathon.
Greek Households Most Pessimistic in Europe: IOBE Report
Over six in ten (65%) of households said that their financial situation worsened over the past year
JP Morgan Remains ‘Bullish’ on Greek Banks
JP Morgan reiterated its analysis of DTCs, prompted by Piraeus Bank’s plan to accelerate their amortization
Source of Wealth Declarations for Greek Public Officials Made Easier
Source of wealth declarations are designed to improve transparency and prevent corruption among Greece's public officials. Yet 98% of Greeks still believe corruption is widespread in the country, according to Eurobarometer.
Greece’s Labor Market Slack Among Highest in EU
Greece ranks 4th in EU for labor market slack, mostly due to high unemployment levels, and has widest gender gap in the EU.
Livestock Crisis Threatens Greek Feta
Feta in particular, is Greece’s primary dairy export, with 65% of production going abroad.
Moldova’s Sandu Wins Second Term amid Meddling Claims
According to the Central Election Commission, with 98% of votes counted, Maia Sandu led with 54.35% to Alexandr Stoianoglo’s 45.65%
Attica Wins ‘Best Greek Hospitality Region’ at 2024 Awards
The Greek Hospitality Awards, now in their tenth year, are one of the premier tourism industry events at the European level
Greece Takes Command of EU’s Operation ASPIDES in Red Sea
The defense minister also visited the Greek frigate Spetsai, which is participating in Operation ASPIDES, while in the port of Djibouti