HELLENiQ UPSTREAM IONIAN S.A.
HELLENiQ UPSTREAM IONIAN S.A. (acting as 100% operator) owns exclusively hydrocarbons exploration and exploitation rights for Block Ionian in the offshore area of Ionian Sea. The Lease Agreement was ratified by the Greek Parliament on October 10th 2019 (Act of Law 4629/10.10.2019).
The Lease Agreement covers an eight (8) year exploration period, which is divided into three separate phases, and in the case of commercial discovery a twenty-five (25) year development and production phase of the deposits is foreseen.
It is an explicit commitment that marine geophysical surveys be carried out during the winter with full respect for the environment and the protection and conservation of biodiversity and critical habitats.
Throughout the exploration activities, the international good practices are faithfully followed in accordance with the protocols of the ACCOBAMS Agreement and the guidelines of the JNCC. In addition, the appropriate protection measures are strictly observed in full compliance with the approved Environmental Action Plan and the environmental requirements arising from Article 12 of the relevant Lease Agreement.