HELLENiQ ENERGY is taking a significant step in expanding its upstream activities, with a strategic entry into offshore hydrocarbon exploration in Greece’s southern regions. The company has locked its participation in ongoing tenders for exploration rights in maritime zones off the coasts of Crete and the Peloponnese.
This move is being executed through its subsidiary, HELLENiQ UPSTREAM HOLDINGS, which has established three new single-shareholder entities: HELLENiQ UPSTREAM SOUTH CRETE I, HELLENiQ UPSTREAM SOUTH CRETE II, and HELLENiQ UPSTREAM SOUTH PELOPONNESE. Each of these new companies was founded with an initial capital of €350,000.
The decision follows comments made earlier this summer by HELLENiQ ENERGY CEO Andreas Shiamishis, who, during the company’s Annual General Meeting in late June, indicated a strong likelihood of participation in the government-led tenders. At the time, he suggested that if a decision were required immediately, the company would probably move forward with bids for at least some, if not all, of the available blocks. That direction has now been confirmed, with the company proceeding assertively in what it views as a high-potential area for future energy development.
The newly established entities will concentrate on the full value chain of hydrocarbon activities, including exploration, development, and production. Their remit also covers natural gas trading, as well as the provision of technical and scientific services within the broader energy sector. In addition to upstream operations, they are also tasked with infrastructure development such as drilling operations, pipeline construction, and power generation from hydrocarbons.
Their scope further includes commercial activity related to natural gas and hydrogen, and the flexibility to participate in tender processes both within Greece and internationally.
The companies are also authorized to establish branches or additional subsidiaries to support their operations.
