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The Lease Agreement for Hydrocarbon Exploration and Production in the area of West Patraikos Gulf was signed today by the business scheme comprising HELLENIC PETROLEUM S.A. (operator), Edison International S.p.A and Petroceltic Resources Plc., after the awarding, following the submission and evaluation of the relevant offer, by the Greek Ministry of Environment, Energy and Climate Change.
HELLENIC PETROLEUM employs highly-qualified scientific and technical staff and has participated in and conducted oil exploration projects in many areas in the region of Southeastern Europe (Greece, Libya, Egypt, Albania, Montenegro).
Edison participates in hydrocarbon exploration and production activities in various concessions in Europe, Africa and the Middle East, with a daily production of about 53,000 barrels of oil equivalent and Petroceltic in concessions in Eastern Europe and the Middle East, with a daily production of 25,000 barrels of oil equivalent. The collaboration of the three experienced and financially sound companies provides full scientific, technological, environmental and financial assurance for the successful operations in the Patraikos Gulf.
Following the ratification of the Agreement by the Greek Parliament, HELLENIC PETROLEUM and its partners are set to begin exploring the underwater resources in the area by implementing the most up-to-date, safe and environmentally friendly technological methods, showing the utmost respect for local communities and their current activities.
The signing of the Lease Agreement is a particularly important development for Greece, as it reinitiates the process of hydrocarbon exploration and production in our country, creating conditions for the positive participation of this industry branch in the development of Greek economy.
It also sets a milestone for HELLENIC PETROLEUM, as it enables the Company to engage in yet another business sector in Greece, verifying its capabilities in the entire energy industry spectrum, enhancing its credibility on an international level through its cooperation with specialized and dynamic oil companies and bearing expectations for a positive contribution to the future profitability of the Group.
Note to journalists:
HELLENIC PETROLEUM, founded in 1998, is one of the most important energy Groups in Southeastern Europe, active in the entire energy production chain with presence in 7 countries. Its shares are traded on the Athens Exchange (ATHEX: ELPE) and its capitalization amounts to about €1.9 billion.
Edison, a member of the EdF Group, is the oldest energy company in Europe and one of the leading producers, suppliers and traders of electricity, crude oil and natural gas in Italy and it is active in many countries in Europe, Africa and the Middle East. It participates in 95 concessions and its daily production amounts to 53,000 barrels of oil equivalent. It is listed on the Milan Stock Exchange and its capitalization amounts to €5.1 billion.
Petroceltic is a company exclusively dedicated to hydrocarbon exploration and production. Its registered seat is in Dublin and it has offices in many countries in Europe, North Africa and the Middle East. It is listed on the Alternative Investment Market of the London Stock Exchange (AIM) and the Enterprise Securities Market of the Irish Stock Exchange and its capitalization amounts to €360 million. Its current activities focus on 11 areas in Bulgaria, Romania, Italy, Algeria, Iraqi Kurdistan and Egypt, with a daily production of 25,000 barrels of oil equivalent.
For more information:
I. Grigoriou, E & P Deputy General Manager
Tel.: +30 210-6302945
E. Stranis, Group Corporate Affairs Director
Tel.: +30 210-6302241
G. Stanitsas, Group Communications Director
Tel.: +30 210-6302197