A consortium of ExxonMobil and Helleniq Energy has launched the second phase of seismic research at a gas exploration block off the coast of the Greek island of Crete, moving closer to a final decision on exploration drilling. The Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA) announced on October 10 that the consortium has successfully completed the first phase of research in the area designated as Southwest of Crete.
The initial phase involved the acquisition and processing of 7,789 kilometers of 2D seismic data—far exceeding the required minimum of 3,250 kilometers—as well as conducting a geochemical survey. This phase, which was completed in March 2023 by PGS (now merged with TGS), concluded on October 9, paving the way for the second phase, which is expected to last three years and will focus on acquiring and processing 3D seismic data.
Earlier this year, ExxonMobil and Helleniq Energy conducted preliminary 3D geophysical surveys in the region, also in partnership with PGS. These surveys aimed to map the seabed and the uppermost subsurface layers, with the collected geophysical data already undergoing interpretation and evaluation.
HEREMA’s Managing Director, Aristophanes Stefatos, noted that the consortium has fulfilled a significant portion of its contractual obligations more quickly than anticipated. “The decision to formally activate the next phase of research in the ‘Southwest of Crete’ plot comes one year after HELLENiQ ENERGY’s decision to proceed with similar research in the ‘Ionio’ and ‘Block 10’ plots,” Stefatos said. He expressed satisfaction that the ongoing research efforts confirm the potential for significant natural gas reserves in Greece, which could drive economic development and enhance energy security in the region.
