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Hellenic Petroleum is declared “Selected Applicant” for block 10, offshore W.Greece (Kyparissiakos Gulf)

The Ministry of Environment & Energy today, in the context of the 2nd International Round, declared HELLENIC PETROLEUM as the “Selected Applicant” for the offshore block 10, W. Greece, Kyparissiakos Gulf.

This declaration of HELLENIC PETROLEUM as the “Selected Applicant” follows the other two recently announced declarations for the onshore blocks of Arta – Preveza and NW Peloponnese as well as the offshore block 2, west of Corfu, in a JV with Total (operator) and Edison. The above development together with the ongoing exploration operations in the nearby promising Patraikos block is the result of the stated interest of the Group in the development of the Hydrocarbon Exploration & Production sector in Greece.

Group’s CEO Grigoris Stergioulis states that: “For HELLENIC PETROLEUM, which has a long-term experience in the upstream sector in Greece and employs high-quality, specialized and experienced scientific and technical resources, active participation in Hydrocarbon Exploration & Production in Greece is a natural choice. Following the ratification of the Lease Agreement by the Parliament, we are ready to immediately start exploration activities to discover the subsurface oil potential of Kyparissiakos Gulf, applying the most up-to-date, safe and environmentally friendly technological methods, showing the utmost respect for local communities and their current activities. We are absolutely convinced that this approach will allow for the best possible results, for the benefit of the Group and the country”.