Greece: ExxonMobil, Helleniq Energy begin second phase of seismic research for gas

A consortium of ExxonMobil and Helleniq Energy has commenced the second phase of seismic research at a gas exploration block offshore the Greek island Crete, set to bring the partners toward the final decision for exploration drilling.

State company Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA) reported today, October 10, that the consortium partners had completed the first phase of research in the plot designated as Southwest of Crete, and started the second phase of investigations which will be the decisive factor for the final decision to conduct drilling.  

Among other things, the first phase included the acquisition and processing of 7,789 kilometers of 2D seismic data, as opposed to the required minimum of 3,250 kilometers, as well as a geochemical survey. The initial phase of the marine geophysical surveys, completed in March 2023, was performed by PGS, now merged with TGS.

This first phase ended on October 9, with the next phase starting today, and will take three years for the acquisition and processing of 3D seismic data.

ExxonMobil and Helleniq Energy have already conducted preliminary 3D geophysical surveys in the area, again in collaboration with PGS, during the first quarter of 2024. These surveys involved mapping the bottom and most superficial subsurface layers, with the geophysical data collected already being interpreted and evaluated.

Managing Director of HEREMA, Aristophanes Stefatos, said that the investors have already performed a large part of the contractual obligations, moving at a faster pace than anticipated by the schedule.

“The decision of the consortium to formally announce the activation of the next phase of research in the “Southwest of Crete” plot, comes one year after the decision of HELLENiQ ENERGY to proceed and that in the second phase of research on the “Ionio” and “Block 10″ plots,” Stefatos said.

“The fact that the investors active in Greece are continuing their research work at an uninterrupted pace is very satisfying to us. And this because it confirms our assessment that the Greek area has potentially significant reserves of natural gas, which can give impetus to the economic development of the country and strengthen the energy security of the wider region.”