Hellenic Petroleum is in negotiations with TotalEnergies to resolve the issues arising from the withdrawal of the French company from the exploration of possible natural gas deposits in the two sea areas “West” and “Southwest of Crete”.
According to HELPE, the negotiations have not yet been concluded.
In particular, as stated in an announcement on the Stock Exchange:
HELLENIC PETROLEUM HOLDINGS SA (the “Company”), on the occasion of recent publications and at the request of the Hellenic Capital Market Commission, informs the investing public about the following:
Pursuant to the Lease Agreements from 27 June 2019 between the Hellenic Republic and “Total E&P Greece B.V.”, “ExxonMobil Exploration and Production Greece (Crete) B.V.” and the Company for the concession
– the right to explore and exploit hydrocarbons in the sea area “West Crete”, Greece (ratified by Law 4631/2019),
– the right to explore and exploit hydrocarbons in the sea area “Southwest of Crete”, Greece (ratified by Law 4628/2019),
the Company acquired a percentage of 20% on each of the above contracts.
“Total E&P Greece B.V.” has been appointed as a trustee (manager) in both areas, which maintains a 40% stake in each of them.
The percentages of the Company in each of the above contracts were transferred to its subsidiaries “HELPE WEST KRITIS SA”. and “HELPE SOUTHWEST CRETE SA” respectively, with relevant Decisions of the Deputy Minister of Environment & Energy, in accordance with the provisions of current legislation.
Following the recent update of TotalEnergies’ decision to withdraw from the above areas, “Total E&P Greece B.V”. and “ELPE WEST KRITIS SA” and “ELPE SOUTHWEST CRETE SA”, are in negotiations to resolve the issues arising from this departure. The above negotiations have not yet been concluded, and an appropriate information to the investing public will follow upon their completion. It should also be noted that any relevant transaction, to the extent that it will take place, is not expected to have a material impact on the Group’s financial figures.
Latest News
ELSTAT: Greek Health Expenditures Reach €5.89 Billion in 2022
Finally, healthcare financing as a percentage of GDP decreased to 8.5% in 2022 from 9.18% in 2021, as per the Health Accounts System report.
Sonoco Paper Mill Plants Close After 30 Years in Greece
The shut down of the two paper mills in northern Greece comes a week after a glass plant closed in Athens
BoG: Private Deposits Down by 1.068bln Euros in Feb. 2024
Corporate deposits decreased by 912 million euros, compared to a decrease of 3.167 billion euros in the previous month
Greeks’ Buying Power Second Lowest in the EU
Greeks’ purchasing power is under pressure, ranking 26th among 27 EU member states.
Greek FinMin Says Digital Work Card Tackling Undeclared Work
Greece's recently launched digital work card aimed at tackling undeclared labor has already started to produce results, said Economy and Finance Minister Kostis Hatzidakis
MSC Cruises: More than 400 Visits to Nine Greek Destinations
MSC Cruises, a subsidiary of international shipping line Mediterranean Shipping Company S.A, will be sailing to Greek ports as of this month, expanding operations in the region year-round
Eurostat: Greece Among Cheaper Hourly Labor Cost Zones
In contrast, the countries that posted the highest hourly labor costs are Luxembourg (53.9 euros), Norway (51.9 euros), Iceland
GSEVEE: Economic Sentiment Indicator in Greece Down in Q2 2023
The drop follows a significant uptick in the ESI in the second half of 2022 (69.5 units) and a slight decline in the first half of 2023 (66.7 units)
Manpower Report: Sectors in Greece that Have Achieved Full Gender Equality in the Workplace
Greece surpasses this with 45%, showcasing progress but also room for improvement. Sectors like Consumer Goods and Services lead with 69% reporting full equality globally
Bank of America (BofA): Three Reasons Greek Economy Outperforms EC Average
BofA projects growth of 1.1% in 2024 and 1.7% in 2025, compared to forecasts for eurozone growth at 0.4%/1.1%, respectively