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OUR NEWS

Response to press reports regarding the transfer of TotalEnergies' interests in hydrocarbon E&P consortium
24.05.2022

“HELLENIC PETROLEUM HOLDINGS S.A.” (the “Company”), following certain press reports and an inquiry by the Hellenic Capital Market Commission, informs the investors of the following:

By virtue of the Lease Agreements dated 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 of the right to explore and exploit hydrocarbons in the offshore areas of

  • “West Crete”, Greece (ratified by Law 4631/2019) and
  • “Southwest Crete”, Greece (ratified by Law 4628/2019)

the Company acquired a 20% interest in each of them.

 

“Total E&P Greece B.V.” was appointed as Operator in both areas, holding a 40% interest in each of them.

The Company’s interests in each of the above Lease Agreements were transferred to its affiliates “HELPE WEST CRETE S.A.” and “HELPE SOUTHWEST CRETE S.A” respectively, by virtue of relevant Decisions of the Deputy Minister of Environment and Energy, in accordance with the provisions of the applicable law. 

Following the recent announcement of ΤotalEnergies’ decision to withdraw from the above areas, “Total E&P Greece B.V.”, “HELPE WEST CRETE S.A.” and “HELPE SOUTHWEST CRETE S.A.” are in negotiations for the settlement of the issues deriving from such withdrawal. The negotiations are ongoing and upon their completion the investors will be duly informed about the outcome. It should be noted that the transaction at issue, to the extent that it will be materialized, is not expected to have a material impact on the financial position of HELPE Group.