Within two to four years, we will have an initial clear picture regarding the potential for exploitation of hydrocarbon deposits in the Ionian Sea, said Minister of Environment and Energy Yiorgos Stathakis at the signing ceremony of the concessions which grant exploration and exploitation rights to hydrocarbons, in two areas in the Ionian Sea. These two areas are: the sea in Area 10 in the Kyparissia Gulf, which was granted to Hellenic Petroleum (ELPE) and the “Ionio” sea area which is granted to the consortium of Hellenic Petroleum and the Spanish Repsol.

Mr Stathakis has been particularly concerned about the protection of the environment, noting that Greece has incorporated all EU laws on the protection of the environment, which are the strictest in the world.

“Hellenic Petroleum is participating in hydrocarbon exploration in seven areas of Greece, and we succeeded in raising the interest of companies like Exxon Mobil, Total and Edison,” said president and CEO Efstathios Tsotsoros.