HelleniQ Energy is considering expanding its existing hydrocarbons portfolio through partnerships and collaborations with other companies in the sector, as well as participation in the upcoming tender for the new offshore blocks south of the Peloponnese and Crete.
“First, it needs to be clarified that there is nothing yet to announce, meaning that we are still far from the moment of final decisions,” the group’s CEO, Andreas Shiamisis, stated during the annual general meeting of shareholders. However, he noted that the sector remains aligned with the company’s focus.
Regarding the “older” concessions, there has been no significant progress, with HelleniQ Energy’s management confirming once again that there will not see an exploratory drilling — as was initially rumored and later refuted — in the most advanced concession, “Southwest Crete,” which is operated by ExxonMobil holding a 75% stake, with HelleniQ Energy as a minority partner holding 25%.
The decision on exploratory drilling has been postponed until 2026, pending a more extensive analysis of the area’s situation.
New Concessions
Regarding the new offshore blocks for which a tender process is already underway and expected to conclude by September, HelleniQ Energy views participation positively. However, this would be in collaboration and partnership with other companies that can bring the necessary expertise and experience.
While no one can say with certainty what position the group will ultimately take, it is a fact that related discussions are ongoing both with Chevron and other companies that might be open to getting involved in the Greek hydrocarbons plan through the current tender process.
Elpedison as a “Green Utility”
With the transaction for the acquisition of Edison’s 50% stake in Elpedison expected to be completed by September, the group’s management is already planning “the day after,” focusing on shaping a “green utility” that will span the entire value chain—from production to distribution and sale of electricity.
“Realism”
Andreas Shiamisis clarified that HelleniQ Energy is pursuing well-considered moves with a dual focus: on the one hand, to remain a leading player in the ongoing energy transition processes, and on the other, to avoid exposure to costly and premature investments that could potentially do more harm than good to the group’s financial performance.
“There are companies that announce something new in the market every day. We are not that kind of company,” Shiamisis stated—reflecting the broader philosophy of the management team, which emphasizes realism in executing the company’s investment plan.
Responding to a question regarding developments in the Middle East, Shiamisis noted that there are currently no supply issues, as the group has temporarily suspended crude oil imports from Iraq and is now sourcing from alternative markets such as Saudi Arabia, Egypt, the Caspian region, and West Africa.
