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From past to present

In 1975, Public Petroleum Corporation (DEP S.A.) was founded. Having international-level infrastructures and highly educated and technically trained personnel, it systematically explored twenty 6 (26) hydrocarbon potential areas in the country, over a period of twenty (20) years., In 1986, DEP S.A. established a new company as a subsidiary, the Public Petroleum Corporation- Exploration and Production of Hydrocarbons (DEP-EKY S.A.). In 1996, DEP-EKY S.A. successfully launched the first International Licensing Round and four (4) Lease Agreements were signed respectively, in for four (4) in Western Greece, Ioannina, NW Peloponnese, Patraikos Gulf and Aitoloakarnania, in 1998, under the umbrella of DEP S.A. and after the merger between the state-owned companies in the oil and gas industry (ELDA, ELDIHIMAK, EKO and DEP-EKY), Hellenic Petroleum S.A. is founded and is listed on Athens Stock Exchange.

In 2007, The State revoked all E&P rights from HELLENIC PETROLEUM by virtue of Law No. 3587/2007. From 2009 to present, HELLENIC PETROLEUM S.A. has participated in International Licensing Rounds of the Environment & Energy Ministry of Greece in collaboration with foreign companies and has been awarded hydrocarbon exploration and exploitation rights in: West Patraikos lease area, Arta- Preveza and NW Peloponnese lease areas, Block 2 (West of Corfu), Block 10 in Kyparissiakos Gulf, West and Southwest Crete Blocks and the Block “Ionian” in Ionian Sea.


Establishment and Purpose of HELPE Upstream

In 2015, Hellenic Petroleum Exploration and Production of Hydrocarbons S.A. (HELPE Upstream S.A.) is founded, a wholly-owned subsidiary (100%) of Hellenic Petroleum Exploration and Production of Hydrocarbons Holding S.A. The company’s vision is to develop activities and execute projects that involve every phase of the industry of hydrocarbon exploration and exploitation (upstream), as well as, to provide consulting services in related matters. HELPE Upstream S.A. personnel consists of highly skilled, qualified scientists, with international experience in the oil and gas industry.

Over the years, HELPE Upstream S.A. has created a very promising portfolio of selected blocks in the Greek territory, where it is estimated that there are possible commercially exploitable deposits of hydrocarbons.

All exploration activities are carried out with respect to the values of sustainable development, carrying high consideration towards the environment, in cooperation and alignment with the local communities.



HELPE Upstream S.A.  strategic vision is to carry exploration and production activities that will benefit both the country and the local communities. The company, being a member of the Hellenic Petroleum Group of Companies, operates with utter respect towards the environment as well towards the local communities and their activities. All exploration activities regarding the development and production of hydrocarbons are governed by a strict regulatory framework in order to minimize the environmental footprint of the related operations.


ΗELPE Upstream activities in Greece

  • Patraikos Gulf (West)

HELPE Patraikos (100% HELPE Upstream subsidiary) participates as an operator, in a joint venture with Energean International E&P S.p.A., in the Lease Agreement signed with Hellenic Republic for the concession of the offshore area of Patraikos Gulf (West). The Lease Agreement was ratified by the Greek Parliament and has the power of law (Act of Law 4299/03.10.2014). During the first exploration phase, HELPE Patraikos carried out exploration activities that went beyond its minimum work program, carrying out 2D and 3D seismic surveys. In addition, data reprocessing of the existing lines took place. In parallel, in order to understand better the geology of the area, the company carried out geological, geophysical and environmental surveys, aiming to trace hydrocarbon potential targets. The second exploration phase, which commenced on the 3rd of April 2018, includes drilling of an exploration well.

  • Arta-Preveza and NW Peloponnese

HELPE Upstream S.A., via its subsidiaries HELPE Arta-Preveza S.A. and HELPE NW Peloponnisos S.A., owns hydrocarbon exploration and exploitation rights, following ratification of the Lease Agreements signed with Hellenic Republic for the lease areas, “Arta-Preveza” (Act of Law 4526/16.03.2018) covering an area of area of ​​4.762,9 sq. km.  and “NW Peloponnisos” (Act of Law 4527/16.03.2018) covering an area of total area 3,778.3 sq. km. respectively. On August 9th 2021, the Lessee sent written notice to the Lessor for not continuing the exploration activity in the aforementioned areas.

  • Block 2 (West of Corfu)

The international joint venture consisting of Total E&P Greece B.V. (50% operator), Edison International S.p.A (25%) and HELPE West Corfu S.A. (25%) owns hydrocarbons exploration and exploitation rights for the offshore block 2, west of Corfu. The Greek Parliament has ratified the Lease Agreement on March 15th of 2018. In December 2020, the transfer of rights of TOTAL 50% working interest to Energean Hellas Ltd., as well as the transfer of the operatorship were completed. Currently, HELPE West Kerkyra participates in ‘Block 2’ with 25% working interest in Joint Venture with Energean Hellas Ltd (Operator, 50%) and Energean International E&P S.p.A. (25%), following the acquisition of Edison E&P from Energean.

  • Block 10 (Gulf of Kyparissiakos)

For the offshore area (Block 10) of Ionian Sea, in the Gulf of Kyparissiakos, HELPE Kyparissiakos Gulf S.A. (100% operator) owns exclusively hydrocarbons exploration and exploitation rights in the offshore area of Kyparissiakos Gulf (Block 10). The Lease Agreement was ratified by the Greek Parliament on October 3rd of 2019 (Act of Law 4630/10.10.2019).

  • Block 1 (North of Corfu)

 For the offshore area 1 (Block 1) of Ionian Sea, north of Corfu, the Group has submitted an offer pending to be declared as the preferred bidder.

  • Sea of Thrace

The international joint venture HELPE Sea of Thrace S.A. (25%)- Calfrac Well Services Ltd (75% operator) owns hydrocarbon exploration and exploitation rights in the concession area of the Sea of Thrace, in North Aegean. Geological surveys are carried out in the area.

  • Ionian Block (Ionian Sea)

The international joint venture of HELPE Ionian S.A. (50%) and Repsol Exploration S.A. (50%, Operator) owns hydrocarbons exploration and exploitation rights for the offshore area in the Ionian Sea. The Greek Parliament ratified the Lease Agreement on October 3rd of 2019 (Act of Law 4629/10.10.2019).

  • West Crete and North west Crete

Finally, the international joint venture of HELPE West Crete/HELPE South West Crete S.A. (20%), Total E&P Greece B.V. (40%) and ExxonMobil Exploration & Production Greece (Crete) B.V. (40%) owns hydrocarbons exploration and exploitation rights for the two offshore areas the “West Crete” and “South West Crete”. The Greek Parliament ratified both Lease Agreements on October 3rd of 2019 (Act of Law 4628 and 4631/10.10.2019).