HEREMA has been mandated with accelerating the development of Greece’s upstream sector with a particular focus on natural gas. Successful discoveries will boost economic development, bolster energy security, and support energy demand as we transition to net zero by 2050.
The duration of the exploration phase is limited to seven years in land areas and eight years in maritime areas (Law 2289/1995). This period can be extended by HEREMA, upon the request of the lessee(s), for a period no longer than half of the initial term as long as certain conditions are met. The length of the exploration phase may also be extended following a decision by the Ministerial Council.