Phase 2 of hydrocarbon exploration for hydrocarbons in southwest Crete begins

The successful completion of the first phase of hydrocarbon exploration conducted by the ExxonMobil/HELLENiQ ENERGY consortium in the marine areas of the «Southwest of Crete» field, as well as the decision of the consortium to officially proceed to the second phase of exploration was announced today by the Hellenic Hydrocarbons and Energy Resources Management Company (Hellenic Hydrocarbons and Energy Resources Management Company).

The lessee companies ExxonMobil/HELLENiQ ENERGY notified the EDEYEP of the completion of the first phase for the «Southwest Crete» plot, and submitted their request for the start of the second phase of the exploration stage, which will be the decisive one for the final decision to drill.

The first phase programme included, among other things, the acquisition and processing of 3,250 km of 2D seismic data, and the carrying out of a geochemical survey. The initial phase of the marine geophysical surveys, completed in March 2023, was carried out by the international marine geophysical data acquisition and processing company PGS (now merged with TGS), on behalf of the tenant companies ExxonMobil and HELLENiQ ENERGY. PGS completed the work programme successfully, while adhering to strict environmental measures such as the soft-start protocol and the exclusion zone. The final work carried out exceeded the minimum expenditure of EUR 5,000,000 provided for in the contract and the minimum work programme, as a total of 7,789 km of seismic were recovered against the 3,250 minimum required.

The timeline for the first phase ended on 9 October 2024, with the next phase of exploration officially starting today, 10 October 2024. The second phase will have a duration of 3 years and will involve at least the completion of the acquisition and processing of 3D seismic data.

It should be noted that the ExxonMobil/HELLENiQ ENERGY consortium has already conducted preliminary 3D geophysical surveys in the area, again in collaboration with PGS, in the first quarter of 2024. These surveys involved mapping of the seabed and the more superficial layers of the subsurface, and the geophysical data collected is already being interpreted and evaluated.

Aristophanes Stefatos, CEO of EDEYEP, said on the developments: «The consortium's decision to formally announce the activation of the next phase of exploration in the «Southwest Crete» field comes one year after HELLENiQ ENERGY's decision to also proceed with the second phase of exploration in the «Ionian» and «Block 10» fields. The fact that investors operating in Greece are continuing their exploration work at a steady pace is very satisfying. This is because it confirms our assessment that Greece has potentially significant natural gas reserves that can boost the country's economic development and enhance the energy security of the wider region. We would like to underline the excellent cooperation with the investors who have already executed a large part of the contractual obligations and the second phase of exploration. This means that they are moving faster than the relevant timetable, in full respect of the strict measures to protect the environment and marine life.».