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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 are currently carried out.
  • 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 with a total area of 1,419 sq. km. Following the confirmation and mapping of the primary geological objective, offshore works related to the assessment of possible geo-hazards and extensive environmental sampling have been completed. Currently, the environmental surveys and studies related to the 1st exploration well –which is planned to take place at the end of 2020- are ongoing. Preparatory work for the drilling is also underway.
  • HELLENIC PETROLEUM has been awarded hydrocarbons exploration and exploitation rights in two onshore areas, namely "Arta - Preveza", where geological, geophysical and environmental studies, as well as permitting procedures are ongoing and the "Northwest Peloponnese" area, where geological, geophysical and environmental studies are expected to be carried out in 2020.
  • In offshore Block 10 in the Ionian Sea in the Kyparissias Gulf, in 2019 HELPE was awarded exclusive hydrocarbons exploration and production rights and geological and environmental studies are currently ongoing, while for the offshore area (Block 1) in the Ionian Sea, north of Corfu, HELLENIC PETROLEUM has submitted an offer and it is expected that it will be declared as the Preferred Bidder.
  • 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 2019, the Greek Parliament ratified the lease agreement for the offshore area of Western Greece, "the Ionian Sea" (REPSOL 50%, Operator - HELPE 50%) where geological and environmental studies are ongoing.
  • In addition, during 2019, the Greek Parliament ratified the lease agreements regarding the offshore blocks ‘West Crete’ and ‘South West Crete’ (TOTAL - 40%, Operator, ExxonMobil 40%, HELPE 20%) where the 1st exploration phase is in progress with geological and environmental studies.

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.

By the end of 2019, the following stations were in operation:

  • 7 P/V stations located on property owned by the Group with a total nominal capacity of 19 MW. These include 4 P/V projects with a total capacity of 17,6 MW of the first tender process organized by RAE (2016).
  • Wind farm with a capacity of 7 MW in Pylos in Messinia
  • 11 PV own production with net-metering systems totalling approximately 135 KW, installed at EKO and BP fuel stations.

The following projects are in various stages of development:

  • 2 P/V projects with a capacity of 12 MW, on property owned by the Group.
  • 2 biomass power and heat generation units (using agricultural residues as source of energy) with a total capacity of 9.7 MW.
  • 94 MW photovoltaic portfolio, as well as wind and hybrid projects in cooperation with LARCO.
  • In 2018, the Group submitted applications for production licensing for projects with a total capacity exceeding 265 MW, whose evaluation is expected.
  • Applications for the issuance of production licenses for RES projects (PV and wind) with a total capacity of 599 MW, which were submitted in 2019.
  • At the same time, HELPE Renewables continuously assesses investments in own production for own consumption at the Group facilities, which are connected to the LV and MV networks.

On February 17, 2020, HELPE signed an agreement for the acquisition of a portfolio of photovoltaic projects at final permitting stage, in the area of Kozani, N. Greece from the German RES developer and contractor JUWI. The project, with total installed capacity of 204 MW, will be the largest RES plant in Greece and one of the five largest PV plants in Europe. It is expected to generate 300 GWh annually, sufficient to power 75,000 homes with zero-emission energy, with a CO2 emission avoidance of around 300,000 tons p.a..

HELPE Renewables follows the Safety and Environment procedures adopted by the Group with regard to compliance, reporting, risk and accidents prevention and management, both during the construction phase as well as operation. A S&E engineer is appointed for each new project, entrusted with monitoring the relevant issues, supervising works and the S&E licensing stage, as well as the validity term and the renewal of licenses.

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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 2019, it employed 217 qualified professionals and its turnover reached €11.5 million and provided services to 50 new projects, the most important of which are outlined below:

  • Revision of the TransAdriatic Pipeline (TAP) Safety Study/QRA and review of TAP stations’ passive fire protection
  • Basic Design Study and related studies for the installation of a compression station in Ampelia • Basic Design for the implementation of HAZOP findings in the Hydrogen Unit (U 33) and HAZOP study for the Hydrocracker Unit (U-34) at the Elefsina refinery
  • Detailed design for the new sulphur recovery unit (SRU) at the Thessaloniki refinery
  • Supervision of an oil docking complex construction in the Vassilikos industrial area, Cyprus
  • Detailed study and construction supervision of a new Cast Film line, auxiliary equipment and building facilities for the DIAXON plant in Komotini
  • Detailed design study for aviation fuel storage at the OKTA facilities in the Republic of North Macedonia
  • Environmental Base Study for the hydrocarbon exploration and production program for the onshore area northwest Peloponnese
  • Upgrading of the fuel supply facilities of Aspropyrgos - Spata Airport pipeline
  • Restoration of the special education complex in Rafina in the context of the Group’s Corporate Social Responsibility. It is noted that the works were completed in record time during the summer holidays in 2019, so that the school complex would be ready for operation on time for the new school year.

Refinery projects in Kuwait and Serbia also represented significant successes during 2019. Another important event was, in July 2019, was the Ministry of Environment and Energy approving the Environmental Impact Study for the onshore section of the IGI Poseidon gas pipeline, prepared by ASPROFOS in the context of a Partnership.

For more information: