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Yannis Grigoriou, CEO, Hellenic Petroleum Upstream S.A

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Athens Energy Forum 2019 | Panel Discussion 3 | Update on Upstream Developments

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Yannis Grigoriou, CEO, Hellenic Petroleum Upstream S.A

  1. 1. Hellenic Petroleum: Strategy and actions for the resurgence of the Greek E&P sector A presentation prepared for the Athens Energy Forum 2019 Athens, February 2019 Yannis Grigoriou Hellenic Petroleum Upstream SA CEO
  2. 2. The leading Greek integrated energy group, listed in Athens Stock Exchange implementing long term strategy fully supported by the controlling shareholders and adopting strict Code of Ethics and Corporate Governance criteria 2
  3. 3. a leading energy group with activities across the energy value chain in Greece and the SEE region 3 Refining, Supply & Trading Exploration & Production Domestic Marketing International Marketing Petrochemicals Power & Gas DESCRIPTION METRICS • Exploration assets in Greece • Patraikos Gulf (HELPE-Operator, 50% & Edison, 50%) • Sea of Thrace (HELPE 25%, Calfrac Well Services 75%) • Complex (recently upgraded) refining system: – Aspropyrgos (FCC, 148kbpd) – Elefsina (HDC, 100kbpd) – Thessaloniki (HS, 93kbpd) • Pipeline fed refinery/terminal in FYROM • Capacity: 16MT • NCI: 9.6 • Market share: 65% • Tankage: 7m M3 • Basel technology PP production (integrated with refining) and trading • > 60% exports in the Med basin • Capacity (PP): 220 kt • Leading position in all market channels (Retail, Commercial, Aviation, Bunkering) through EKO and HF (BP branded network) • c.1,700 petrol stations • 30% market share • Sales volumes: 3.5MT • Strong position in Cyprus, Montenegro, Serbia, Bulgaria, FYROM • Advantage on supply chain/vertical integration • c.290 petrol stations • Sales volumes: 1.2MT • ELPEDISON: Second largest IPP in Greece (JV with Edison/EdF) • Capacity: 810 MW (CCGT) • DEPA/DESFA GROUP: 35% in Greece’s incumbent NatGas supply company (DESFA in sale process) • Volumes (2015): 3.0bcm
  4. 4. BULGARIA GREECE CYPRUS SERBIA FYROM EGYPT LIBYA TUNISIA MONTENEGRO Refinery Retail & Marketing Exploration & Production Power & Gas Solid performance on the back of recent investments and continuous improvement initiatives 4
  5. 5. 5 Hellenic explored the country from 1975 - 2007  The Greek State awarded to Hellenic exclusive rights for E&P activities in 26 oil promising blocks, while audited and overviewed Prinos area operations (1975 – 2007)  Hellenic, as operator, explored the country  with extensive geological & geophysical studies  acquiring 63.000 km onshore & offshore seismic data  drilling 75 wells  discovering marginal oil and gas fields (Katakolon, Zante, Epanomi) EpanomiKatakoloProven working petroleum system both offshore and onshore
  6. 6. 6 International activities of Hellenic in Ε&P Participation in 17 international rounds mainly in MMEA area in Joint Ventures with Total, ExxonMobil, Repsol, Edison, Woodside, Statoil, OMV, Enel, GDF Suez, Lukoil, JAPEX, Kuwait Energy etc. Last years ELPE invested in international exploration activities, more than $ 220 millions, drilling 34 wells and discovering c. 200 million barrels as operator or participating in JVs  Albania: 3 blocks ( 49% JV with OMV)  Libya: 6 blocks (20% in JV with Woodside και Repsol)  Egypt: 2 blocks (W. Obayed 30% in JV with Vegas and Mesaha 30% in JV with Petroceltic, Kuwait Energy and Beach)  Montenegro: 3 blocks (following the acquisition of the local company JPK) 6
  7. 7. 7 Apoulian Platform Mediterranean Ridge Inner Plateau Thrace Basin Herodotus ? Nile Delta Western Dessert Levantine Basin EM Gulf of Suez Past exploration work is not completed in all areas Huge offshore deep water areas are practically unexplored Country’s oil potential is promising Hydrates? Promising geological targets never drilled so far (i.e. deep targets below Triassic evaporites in W. Greece)
  8. 8. 8 The existing Greek legal and fiscal regime is competitive Source: IHS PEPS Report 3Q 2018 Fiscal regime: Greece is ranked 7th amongst 130 countries 3,95 8,24 7,55 4,42 4,49 7,45 8,21 8,77 6,24 8,11 2,83 2,32 5,59 8,50 5,75 5,29 4,76 2,12 4,48 0,00 1,00 2,00 3,00 4,00 5,00 6,00 7,00 8,00 9,00 10,00 Greece - Fiscal Rating
  9. 9. 9 Political stability with low risk in a safe EU country Source: IHS PEPS Report 3Q 2018 Political risk: Greece is ranked 41rd amongst 130 countries 8,45 8,46 7,09 6,45 7,74 5,92 8,38 7,46 7,42 6,97 5,70 3,04 7,05 6,76 6,56 8,46 7,09 2,33 5,03 0,00 1,00 2,00 3,00 4,00 5,00 6,00 7,00 8,00 9,00 Greece - Political Risk Rating
  10. 10. 10 Greek E&P sector as a pillar for growth building a promising portfolio of blocks partnering with major oil companies
  11. 11. 2012 1 block
  12. 12. 2012 -2014
  13. 13. 2015 Onshore round
  14. 14. 2015 Offshore round
  15. 15. 2016 2017
  16. 16. 4Q 2018
  17. 17. Understand 17 Evolve Energise The market environments, the competitive fiscal terms, the existing opportunities combined with the geological risks in the greater area of SE Europe and Mediterranean compelled us to better that our strategy for growth should be adopted to and reformulate our portfolio focusing in Greece where our commercial and technical competitive advantages are strong We are energized by the results so far both at technical and commercial level, which make us confident for positive results to the years ahead.
  18. 18. 2012 1 block
  19. 19. 4Q 2018 10 blocks
  20. 20. 20 Patraikos lease: new 3D seismic indicate a promising geological target
  21. 21. 21 Many thanks for your kind attendance

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