HELPE Patraikos, a 100% subsidiary of Hellenic Petroleum S.A., participates as Operator (50%), in an international Joint Venture with EDISON International SpA (50%), to the Lease Agreement with the Greek State in the offshore block of Patraikos Gulf (West), a total area of 1.892 sq.km. The Lease Agreement has been ratified by the Greek Parliament and has the force of Law (Ν. 4299/3.10.2014). According to the Agreement, there is an exploration period of eight (8) years, which is separated in three phases and in case of a commercial discovery, there will be an exploitation period of hydrocarbons for twenty-five (25) years.

During the first exploration phase, exploration works were carried out exceeding the minimum contractual obligations, including new regional two-dimensional (2D) seismic lines of 325 km in total, and a new 3D marine seismic acquisition survey covering an area of 1,822 square meters. Data on existing seismic lines with a total length of 2,000 km has also been reprocessed. Furthermore, geological, geophysical and environmental studies were carried out in order to understand the geology of the area and define potential hydrocarbon deposits, which have confirmed and mapped the primary geological target.

The strategic objective of HELPE Patraikos, as a member of Hellenic Petroleum Group, is the exploration of hydrocarbon deposits in the area of Patraikos Gulf and their future exploitation for the benefit of the country and local communities with the outmost respect for the environment and local socioeconomic activities. A key element of the environmental policy is upholding Greek and European legislation, which is constantly reviewed and sets strictest environmental operation requirements.