Hellenic Hydrocarbon Resources Management S.A. (HHRM S.A.) was established in 2011 and is headquartered in Athens. The legal basis of the Company is Law No. 4001/2011 and the Presidential Decree 14/2012. HHRM S.A. is a state-owned company with the Hellenic State being the sole stakeholder (100%), however it operates independently as a private-sector economic entity.
The fundamental legal framework for exploration and production activities in Greece is set by Law No. 2289/1995, as amended. Since 2011, exploration and production gained impetus and the establishment of HHRM S.A. played a critical role in the exploitation of onshore and offshore hydrocarbon resources of the Hellenic Republic.
With regard to the licensing regime for exploration and production, Greece follows the EU directive 94/22/EC “on the conditions for granting and using authorizations for the prospection, exploration and production of hydrocarbons” – the directive has been amended with various instruments since the initial transposition.
The Hellenic Republic set out to become an attractive destination for oil and gas companies and international investors. HHRM S.A. spearheads this effort with an agile and effective management and a relatively small, yet highly competent personnel, with relevant experience from the international oil and gas industry.
The fiscal regime in Greece is based on “tax and royalty” lease agreements. Greece provides a competitive corporate tax rate of 20%, with an additional regional tax of 5%. The taxation model is final and it has been specifically designed in order not to incur any further, direct or indirect, cost for the investor.
HHRM S.A. is strongly committed in rigorous Health, Safety and Environmental planning. The protection of the health and safety of the personnel of all entities active in oil and gas operations, as well as the protection of the unique environmental and cultural heritage of Greece, are among the core values of HHRM S.A.
HHRM S.A. applies strictly all national, European (EU) and international legal instruments which set the standards of HSE best practices.
HHRM S.A. has been appointed as the interim Safety Regulator, in accordance to the Offshore Safety Directive 2013/30/EC, which has been transposed in national legislation with Law No. 4409/2016. You may find more information about Offshore Safety in the relevant section of the website.