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A consortium led by U.S. supermajor ExxonMobil has successfully completed the first exploration phase southwest of the Greek island of Crete and has decided to proceed with the second exploration stage, Greece’s state firm Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA) said on Thursday.
Exxon and Helleniq Energy are conducting the exploration studies in a joint venture. The companies have notified HEREMA that they have concluded the first exploration phase at the block “Southwest of Crete” and submitted their request to start the second phase, which will inform their final decision to proceed with drilling, HEREMA said.
The first exploration phase ended on October 9, 2024, with Phase 2 officially starting on October 10, 2024. The second exploration phase is expected to last three years and its minimum requirement pertains to completing the collection and assessment of 3D seismic data, the Greek state company said.
In the first quarter of 2024, the ExxonMobil-led consortium conducted preliminary 3D geophysical surveys in the area, which focused on mapping the seabed and the top levels of subsoil. The geophysical data that was collected is currently being processed and assessed.
“We are very pleased with the fact that our investors continue their exploration activities in Greece, as their continuous presence verifies our estimates that the Greek subsurface could potentially hold significant natural gas deposits,” Aristofanis Stefatos, chief executive of HEREMA, said in a statement.
If substantial natural gas resources are found, these could drive Greece’s economic growth and boost the energy security of the region, Stefatos added.
Greece has been hoping that its waters could hold giant natural gas resources, similar to the ones discovered in the Eastern Mediterranean offshore Egypt and Israel. Greece has renewed its efforts to have more oil and gas explorers in its waters after the energy crisis in Europe sparked by the Russian invasion of Ukraine in 2022.
