The document discusses the revitalization of Greek exploration and production (E&P) activities, highlighting Greece's favorable legal and fiscal environment, which ranks 7th among 130 countries. It outlines projections for investments and profits from oil extraction, estimating recoverable reserves at 100 million barrels and the potential annual government take at $200 million. Additionally, it emphasizes significant benefits for local communities and the pension system from these activities.

1. The resurgence of the Greek E&P;
Hellenic Petroleum upstream activities
A presentation prepared for the
Workshop του Κύκλου Ιδεών
Athens, 15 October 2018
Yannis Grigoriou
Hellenic Petroleum Upstream SA, CEO

3. 3
Apoulian
Platform
Mediterranean
Ridge
Inner
Plateau
Thrace
Basin
Herodotus
?
Nile
Delta
Western
Dessert
Levantine
Basin
EM
Gulf
of
Suez
Hydrites?

4. 4
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

5. 2011

6. September 2018

7. 7
Patraikos lease: 3D seismic indicate a promising geological target

8. 8
Expected investments and profits ($/bbl)
Crude price $ 60 - 70
Data based on exploration, development and production costs
from an oil filed 100 MMBBLs offshore W. Greece
Exploration costs $ 1-2
CAPEX $12 -15
OPEX $ 16- 17
Miscelanous $1
Government take $17 -19
Profit after tax $16-18

9. 9
Potential government take (royalties + taxes 20% + 5%)
 Recoverable reserves 100 MMbbls
 Daily production 30.000 bbls
 Daily government take c. $ 540.000
 Government take per bbl $ 18
 30.000 bbls Χ 18 $/bbl = $ 540.000
 Annual government take $ 200.000.000
out of which for local communities anually $ 10.000.000
Revenues to support pension system $ 4,5 billion
Plus social product during 25year production $ 3 billion

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