Oil & Gas Exploration & Production

HELLENIC PETROLEUM Group is also engaged in the exploration and production of Hydrocarbons. Its main activities in the field are focused in Greece:

  • 25% participation in a consortium with Calfrac Well Services Ltd (75%) in the Thracian Sea Concession, North Aegean, with a total area of approximately 1,600 sq. km. Geological studies were carried out in the first half of 2017.

  • Participation as an Operator, through its 100% subsidiary company, HELPE Patraikos (50%), in an international Joint Venture of oil companies, with EDISON International (50%) as a contractor to a Lease Agreement with Hellenic Republic in the offshore region of the Patraikos Gulf amounting to 1,892 sq. km. The Lease Agreement was ratified by the Greek parliament and has the force of law (Official Gazette Issue A, 221/03-10-14).

In the first half of 2017, the three-dimensional seismic recordings were processed and over the next few months is expected to complete the region's data interpretation in order to finalise drilling targets and decide on the relinquishment area (25%) in accordance with the Lease Agreement.

  • In February 2016, following an international competition and following the evaluation tender offers, HELLENIC PETROLEUM was selected by the Ministry of Environment & Energy as the Preferred Bidder for the concession rights of exploration and exploitation of hydrocarbons of the onshore block areas of “Arta-Preveza” and “NW Peloponnese”. The Lease Agreement for both areas were signed on 25/05/2017 by the Minister of Environment and Energy and by the Contractor, and are now in the process of ratification by the Court of Auditors and the Greek Parliament.

  • In the first half of 2017, the negotiations with the Greek State were concluded and the terms of the Lease Agreements for Block 2 in the Ionian Sea west of Corfu were finalised, between the RIS and the business consortium Total (50%, operator) – Edison (25%) – HELPE (25%). Also, the pre-contractual audit procedure was initiated by the Court of Audit in order to subsequently ratify the Lease Agreement by the Greek Parliament. For the offshore Block 10 of the Ionian Sea in Kyparissia Gulf, where HELPE has been declared as Preferred Bidder, the negotiations of the Lease Contract are in progress. In the offshore Block 1 of the Ionian Sea, north of Corfu, where ELPE has submitted an offer, it is expected to be declared as Preferred Bidder.

On 31 May 2017, the consortium of TOTAL (operator 40%), ExxonMobil 40% and HELPE 20% submitted to the Ministry of Environment and Energy as well as the Hellenic Hydrocarbon Management Authority (HHMA) formal indication of interest for hydrocarbon exploration in two (2) offshore Areas of Crete. Following the positive opinion of HHMA, the application was accepted by the Ministry in June 2017 and an international tender is expected to be announced in accordance with N 4001/11.

Renewable Energy Sources (RES)

HELLENIC PETROLEUM - RENEWABLE ENERGY SOURCES SA (ELPE RES) was founded in 2006 and is a 100% Group subsidiary. The company’s object of business is the production and trading of energy products produced by renewable energy sources.

ΗELPE Renewables’ target is the development of a significant renewable energy portfolio (wind, solar, biomass etc.), over the next few years, diversifying thereby its energy portfolio and partial offset of the Group’s greenhouse emissions.

ΗELPE Renewables already operates PV parks on Group-owned property with a total capacity of 10 MW as well as a 7 MW wind park in Pylos, Messinia.

In 2017, HELPE Res completed projects with total capacity 8.6 MW for witch HELPE Renewables participated in the first PV competitive tender process, organized by RAE in December 2016.

The projects presented below:

  • PV project with a total capacity of 3.6 MW at HELPE’s Aspropyrgos refinery.
  • PV project with a total capacity of 4.0 MW at HELPE’s Thessaloniki refinery.
  • PV project with a total capacity of 1.0 MW at the Industrial Park of Kavala.

The company operates 7 PV net-metering systems with a total capacity of 70 kW at an equal number of EKO and BP fuel stations. For the year 2018, the expansion of the net-metering system is scheduled to be extended to other four EKO and BP liquid fuel stations. The company continuously assesses investments in own production for own consumption at the Group facilities, which are connected to the LV and MV networks.

HELLENIC RENEWABLES has set the goal of developing significant wind, photovoltaic and biomass capacity of 200 MW in the coming years, diversifying its energy portfolio and contributing to balancing the Group’s greenhouse gas emissions.

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ASPROFOS, a Group subsidiary, is the largest Greek engineering firm and largest energy consulting services provider in South-Eastern Europe. It operates in accordance with internationally accepted standards and practices, certified by ISO 9001, ΕLΟΤ 1429, ISO 14001 and OHSAS 18001.

In 2017, it employed 213 qualified professionals. ASPROFOS directly supports the Group’s investments particularly in the fields of refining and natural gas, through the provision of a broad range of technical, project management and other related advisory services while seeking to continuously differentiate the range of its services, and broaden its client portfolio to include mainly international clients.

In 2017, the Company’s turnover reached €9.7 million through the provision of services to 150 projects, the most important of which are outlined below:

  • Advanced Basic and Detailed Design (FEED) and Environmental Impact Study for the natural gas pipeline between Greece and Italy (Poseidon).
  • Licensing and Technical/Engineering Services for the TAP pipeline and detailed design of section 1.
  • Implementation of Basic Design and Hazard and Operability Study (HAZOP) for the Vacuum Distillation (VDU), Naphtha Isomerization and Naphtha Desulfurization Units at the Aspropyrgos Refinery.
  • Installation of an Amine Unit at the Rijeka Refinery in Croatia.
  • A series of feasibility studies for investments made by KMG Rompetrol at its refineries in Romania.
  • Basic Design for the installation and interconnection of three bulk gas storage tanks at the Aspropyrgos Industrial Installations.


Finally, in 2017 ASPROFOS undertook its first project in Kuwait for the study of conversion units at KNPC's Mina Al Ahmadi (MAA) refinery.

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