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Exploration drilling in the offshore lease area of ​​the West Patraikos Gulf is expected to commence within 2020, while geological and geophysical exploration operations are currently ongoing in NW Peloponnese lease area. Moreover, preparation for the exploration works and operations are expected to begin in the next period for offshore lease area of Kyparissiakos Block (Block 10), were announced by Mr. George Zafiropoulos, CEO of Hellenic Petroleum N.W. Peloponnisos Exploration & Production of Hydrocarbons S.A. and Mr. Fivos Symeonidis, Operations Manager of HELPE Upstream at the 7th Regional Development Conference, organized in the town of Patra and hosted by the “Peloponnesus” newspaper.

As was explicitly mentioned in the Conference segment entitled “Energy Development as a Regional Development Lever”, investments in exploration and production of hydrocarbons are aiming to create a new growth sector with significant benefits for the national economy and the local community, contributing to “Intergenerational social solidarity” (social insurance, pensions), while securing energy efficiency and independence from third parties, as well as establishing geopolitical stability.

The benefits to local economies and employment will also be particularly significant. Moreover, the possible exploitation of an 120 million barrels recoverable reserves of hydrocarbon’s deposit will create 300 new direct job places and another 1,000 indirect ones. During the 25 years of production, the social product expected to be produced is estimated at EUR 3 billion (EUR 120 million annually). At the same time, potential revenues for the Greek State at an annual level are estimated at EUR 200 million, while the Annual Regional Revenues are estimated at EUR 20 million adding a total of EUR 5 billion to be directed for the Government Pension Fund.

Exploration activities are planned and conducted by HELLENIC PETROLEUM following the strictest environmental standards and with full compliance of the commitments derived by the Greek National Laws and the European Legislation.