HelleniQ Energy will decide on whether it will proceed with drilling in blocks off the large island of Crete and in the Ionian Sea within 18 to 24 months, the refinery and petrochemical group’s CEO, Andreas Shiamishis, said on Friday evening.

He added that HelleniQ accelerated seismic research in Ionian Sea blocks, where the ATHEX-listed company (formerly Hellenic Petroleum) is participating in a consortium granted concession rights in Greek waters.

The company, among the biggest refinery groups in southeast Europe, is the sole concessionaire in other blocks, such as number 10 in the Ionian.

HelleniQ has a minority stake in a consortium headed by ExxonMobil for several blocks southwest and west of Crete, where two-dimensional seismic research was concluded this month.

Shiamishis spoke during a video-conference with market analysts on the occasion of the release of HelleniQ’s 2022 results, which reported record-breaking profits for the company.

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