Hellenic Petroleum bags exploration block offshore Greece

Oil company Hellenic Petroleum has been awarded Block 10, in the Kyparissiakos Gulf off Greece, for exploration and exploitation of hydrocarbons. 

The Greek Ministry of Environment & Energy declared the oil company as the selected applicant for the offshore Block 10 on Tuesday, December 6 as part of the second international round.

The company noted that this declaration 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 joint venture with the French oil company Total as the operator, and Edison.

The ministry added the company will be called to finalize the draft agreement in the following days.

Hellenic CEO, Grigoris Stergioulis, stated: “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.”

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