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OUR HISTORY

HEREMA - History of the Company

OUR HISTORY

On a Quest to Transform Natural Resources into Energy for the Benefit of Society.

Hydrocarbon exploration in Greece commenced at the turn of the 20th century. The first significant discoveries were made in the 1970s in the Gulf of Kavala, in Northern Greece, with the Prinos oil field and South Kavala gas field. Exploration works continued over the next two decades, intensifying in the 1990s with extensive geological research resulting in the discovery of the Katakolo oil field in the northwestern Peloponnese and the Epanomi gas field in an area adjacent to the city of Thessaloniki.

While several energy majors participated in exploration efforts over the years, progress in the sector slowed until major gas discoveries were made in the Eastern Mediterranean Sea in neighbouring Israel, Cyprus, and Egypt.

CREATED TO MAKE AN IMPACT

HEREMA was originally created in 2011 as the Hellenic Hydrocarbon Resources Management Company (HHRM) and mandated to organise, oversee, and license exploration and production projects in Greece’s oil and gas sector. Great strides were made during the following years to accelerate the development of Greece’s upstream sector through the attraction of leading investors and the acquisition of thousands of kilometres of 2D and 3D seismic data.

However, in 2020, acutely aware of the need to support the transition of Greece’s energy system to a low-carbon model, the company’s leadership set HHRM on an ambitious journey of transformation resting on three pillars: revitalisation, diversification, and modernisation.

Since then, the company’s upstream exploration efforts have centred on the discovery of natural gas – a bridging fuel in the energy transition and the cleanest of all conventional energy sources. Upstream projects were elevated by the Greek government to projects of national interest, and ambitious goals were established regarding the exploration of six active concessions.

A KEY ACTOR IN GREECE’S ENERGY TRANSITION

In 2022, marking the most significant change since the company’s establishment, HHRM was transformed into the Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA) with an expanded scope.

Today, HEREMA is responsible for the licensing and management of energy resources deemed key for Greece’s transition to a robust and sustainable energy system including hydrocarbon exploration and production, carbon storage, underground gas storage, and offshore wind. Through the company’s acquisition of DEPA International Works, HEREMA also participates in important infrastructure projects, such as the IGB and EastMed pipelines, which will enhance the verticalisation of our energy system.

Hydrocarbon Exploration Carbon Storage Oil & Gas Offshore Wind
ABOUT US

MANDATE

Understand HEREMA’s strategic role in Greece’s energy sector

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TRANSFORMATION

Learn about HEREMA’s corporate transformation strategy.

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GOVERNANCE

Get to know HEREMA’s leadership team and view our financial results

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SUSTAINABILITY

Discover how HEREMA is creating an impact.

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