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Hellenic Declared Preferred Bidder for Block 10, Offshore Greece

Source: www.gulfoilandgas.com 12/6/2016, Location: Europe

The Ministry of Environment & Energy, in the context of the 2nd International Round, declared HELLENIC PETROLEUM as the “Selected Applicant” for the offshore block 10, W. Greece, Kyparissiakos Gulf.

This declaration of HELLENIC PETROLEUM 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 JV with Total (operator) and Edison. The above development together with the ongoing exploration operations in the nearby promising Patraikos block is the result of the stated interest of the Group in the development of the Hydrocarbon Exploration & Production sector in Greece.

Group’s CEO Grigoris Stergioulis states that: “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. We are absolutely convinced that this approach will allow for the best possible results, for the benefit of the Group and the country”.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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