Hellenic Petroleum Group on Tuesday said it was in negotiations with Total to settle issues arising from a decision taken by the French company to withdraw from hydrocarbon research operations in regions west and southwest of Crete.

In an announcement to the Athens Stock Exchange, Hellenic Petroleum said negotiations were ongoing and noted that any transaction – if there is – was not expected to have any fundamental impact on the group’s finances.

Total E&P Greece owns 40% of hydrocarbon exploration rights in the two regions, another 40% is owned by ExxonMobil Exploration and Production Greece and Hellenic Petroleum holds the remaining 20%.

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