The rights to carry out exploration and production activities pertain exclusively to the Greek state.
The legal framework applicable to the upstream hydrocarbon sector in Greece is stipulated by Law 2289/1995 on the Research, Exploration and Production of Hydrocarbons, which also lays out the requirements for the licensing of prospecting, exploration, and productions rights.
Law 2289/1995 was later amended by Law 4001/2011, in an effort to create a more conducive investment landscape, which established Hellenic Hydrocarbon Resources Management S.A. (the precursor of HEREMA) as the competent authority for the management and assignment of these rights on behalf of the Greek state.
Exploration and production rights are licensed by HEREMA through either lease agreements or production sharing agreements, where each agreement may correspond to one or more adjacent land or underwater areas and be granted to more than one applicant.
Each agreement signed between HEREMA and a concessionaire is subsequently and separately ratified by Greek law.