untitled design

ELPE: 75% of Total’s share in Crete’s hydrocarbons to ExxonMobil

In the hands of ExxonMobil passed the majority of Total’s lease contracts for the exploration and exploitation of hydrocarbons west of Crete, Hellenic Petroleum informed.

In particular, as informed by ELPE, ExxonMobil Exploration and Production Greece (Crete) BV takes over 75% of TotalEnergies’ share (40%) in the Lease Agreements.

The remaining percentage (25% of 40%) goes to ELPE subsidiaries.

With the transaction, the percentage of ExxonMobil, which will also assume the duties of the Trustee, will rise to 70% and the percentage of its ELPE subsidiaries to 30%.

The announcement in detail:

HELLENIC PETROLEUM HOLDINGS S.A. (the “Company”), following the announcement from 24/5/2022, informs the investing public of the following:

After being informed about the withdrawal decision of TotalEnergies, the contractors of the Lease Agreements for the right to explore and exploit hydrocarbons in the marine area “West of Crete” (Law 4631/2019) and in the marine area “Southwest of Crete” (Law 4628/2019) , negotiated for the settlement of the relevant issues arising from said withdrawal.

The parties have already agreed that the percentage of TotalEnergies EP Greece BV (40%) in the Lease Agreements will be taken over by ExxonMobil Exploration and Production Greece (Crete) BV (75% of 40%) and the subsidiaries of the Company “HELLINIKA PETRELIA ERENA AND HYDROCARBON PRODUCTION SOUTHWEST CRETE SOLE REPRESENTATIVE COMPANY” and “GREEN PETROLEUM EXPLORATION AND HYDROCARBON PRODUCTION SOUTHWEST CRETE SOLE LIMITED COMPANY” (by 25% of 40%), with the fulfillment of the relevant financial and other obligations of TotalEnergies EP Greece BV. Therefore, the percentage of ExxonMobil Exploration and Production Greece (Crete) BV, which will also assume the duties of the Principal, will rise to 70% and the percentage of the Company’s subsidiaries to 30%, in each of the mentioned contracts.

It should be noted that the transaction, which is subject to the approval of the competent authorities, is not expected to have a material impact on the financial figures of the Company.

Source: Capital

You may also like

Get the latest

Stay Informed: Get the Latest Updates and Insights

 

Most popular