EXPLORATION AND PRODUCTION
We are spearheading the development of Greece’s offshore and onshore oil and gas resources.
According to preliminary estimates, Greece’s subsurface could hold hydrocarbon reserves worth upwards of €250 billion. The exploitation and monetisation of these assets, with a focus on natural gas, could have transformational impacts on the Greek economy, enabling the drive to net zero carbon by 2050, while also fortifying our country’s role as a key driver of energy security at a regional and European level.
In light of the critical importance of accelerating Greece’s upstream sector, in April 2022, hydrocarbon projects were elevated by the Greek state to projects of national importance, drastically accelerating licensing procedures in addition to timings for relevant government approvals.
THE EXCLUSIVE LICENSING AND MANAGEMENT AUTHORITY
The rights for the exploration and exploitation of hydrocarbons located within the Greek territory and in areas where the Hellenic Republic exercises sovereign rights pertain exclusively to the Greek state. The management of these rights has been entrusted to HEREMA and their assignment to third parties is made through the conclusion of concession agreements.