Annual Report 2018
60 Years Producing Energy

Exploration and Production

In 2018, the Group’s main activities focused on Greece, as presented below:

The Group participates, with 25%, in a consortium with Calfrac Well Services Ltd (75%) in the Thracian Sea Concession area, in the North Aegean (1,600 sq km). Geological studies are currently being carried out in the area.

In addition, HELLENIC PETROLEUM participates as an operator through its 100% owned subsidiary HELPE PATRAIKOS (50%) in an international consortium with EDISON International SpA (50%) in the Lease Agreement with the Greek State in an offshore area in the West Patraikos Gulf, with a total area of 1,892 sq. Km. The Lease Agreement was ratified by the Greek Parliament. Following the confirmation and mapping of the primary geological objective, in April 2018, the concession entered the 2nd phase of the Exploration Period (two years), during which the Contractor is required to perform an exploration drilling.

of exploration portfolio in Greece

As a result of international tenders, HELLENIC PETROLEUM has been awarded hydrocarbons exploration and exploitation rights in two onshore areas, namely "Arta - Preveza" and the "Northwest Peloponnese". In addition, the consortium consisting of Total 50% (Operator), Edison (25%) and HELPE (25%) holds the exploration and exploitation rights for offshore Region 2, West of Corfu. In those areas, a geological and environmental studies program is being implemented based on contractual obligations. In offshore Block 10 in the Ionian Sea (Kyparissias Gulf), HELPE signed the Lease Agreement with the Greek State and the ratification by the Greek Parliament is expected.

In the offshore area (Block 1) in the Ionian Sea, north of Corfu, where HELLENIC PETROLEUM has submitted an offer, it is expected that it will be declared as the Preferred Bidder, while as a member of a consortium, HELPE finalised the relevant Lease Agreements with the Greek State for two offshore regions west and southwest of Crete (Total 40% Operator, ExxonMobil 40%, HELPE 20%) and one in the Ionian Sea (Repsol – Operator 50%, HELPE 50%).

Regarding the REPSOL (50%, Operator) - HELPE (50%) consortium, in April 2019 the Lease Agreement with the Greek State was signed and it is expecting the Greek State to ratify the Agreement on the concession of hydrocarbons exploration and production in the offshore area of Western Greece, "the Ionian Sea".