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Total Consortium & Repsol Consortium Bid for Blocks Offshore Greece

Source: www.gulfoilandgas.com 3/6/2018, Location: Europe

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Following the announcement of three international tenders for the areas Southwest and West of Crete and the Ionian Sea, announced by Hellenic Hydrocarbon Resources Management (HHRM) on August 11 2017, Hellenic Petroleum has announced that a consortium of Total (40%, operator), ExxonMobil (40%) and Hellenic Petroleum (20%) have submitted to HHRM offers for the Southwest and West of Crete blocks and that a consortium of Repsol (50%, operator) and Hellenic Petroleum (50%) have submitted to HHRM offers for the Ionian Sea block.

CEO of Hellenic Petroleum (HELPE) Mr. G. Stergioulis, said: 'As part of Helpe Groupís Development Strategy, we are consistently implementing our decision to be an active agent in the national effort to discover and exploit the domestic Hydrocarbon reserves. We rely on our competitive advantages, namely the accumulated experience, the technical brilliance, the know-how and the well-rounded understanding of the Greek business environment that our employees possess.

Continuing our successful participation in international tenders in W. Greece, and taking into consideration the recent, positive research conducted in the Patraikos area, we submitted three (3) new offers for the offshore blocks in the Ionian Sea and in the Southwest of Crete, thus manifesting Helpe Groupís international prestige. We collaborate with top international companies in our sector, who can provide the human capital, the ideas, the advanced technology and the financial capability required, so as to successfully face, along with Helpe Group, this unprecedented Ėfor Greek standards- challenge.

It is our desire to leverage international best practice and the most advanced technology available in order to trace potential reserves; such a development will be a game-changer for the Hellenic Petroleum Group and our prospects, it will substantially endorse the national economy, and will strengthen the local communities. The Group, stronger than ever before, declares its dedication to the preservation of the countryís Natural Heritage, by implementing the strictest international regulations for the protection of the environment, a position that is non-negotiable for the Group.'

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