Today, the Hellenic Hydrocarbons and Energy Resources Management Company announced the successful completion of the first phase of hydrocarbon research by the ExxonMobil/HELLENiQ ENERGY consortium in the marine areas of the “Southwest of Crete” plot. The consortium has also decided to officially proceed with the second phase of exploration.

ExxonMobil and HELLENiQ ENERGY have informed EDEFEP that the first phase for the “Southwest Crete” plot is complete. They have submitted a request to start phase two of the exploration stage, which will be crucial for the final decision on drilling.

The first phase included several important activities, such as acquiring and processing 3,250 kilometers of two-dimensional seismic data and conducting a geochemical survey. The initial marine geophysical survey was completed in March 2023 by the international company PGS (now merged with TGS), working on behalf of ExxonMobil and HELLENiQ ENERGY. PGS successfully executed the work while adhering to strict environmental measures, including a soft-start protocol and an exclusion zone. Notably, the actual work exceeded the minimum expenditure of €5,000,000 outlined in the contract, recovering a total of 7,789 kilometers of seismic data, far surpassing the required 3,250 kilometers.

The first phase officially concluded on October 9, 2024. The next exploration stage has commenced today, October 10, 2024. This second phase will last for three years and will focus on acquiring and processing three-dimensional seismic data.

Additionally, the ExxonMobil/HELLENiQ ENERGY consortium has already conducted preliminary 3D geophysical surveys in the area in collaboration with PGS during the first quarter of 2024. These surveys mapped the seafloor and the upper layers of the subsurface, and the collected geophysical data is currently being interpreted and evaluated.

Aristophanes Stefatos, the CEO of HEPC, commented on these developments: “The consortium’s decision to formally activate the next phase of exploration on the Southwest Crete prospect comes one year after HELLENiQ ENERGY also decided to proceed with the second phase on the Ionian and Block 10 prospects. It is very satisfying that investors in Greece continue their exploration work at a steady pace. This confirms our belief that Greece has significant natural gas reserves, which can boost economic development and enhance energy security in the wider region. We would like to highlight the excellent cooperation with the investors, who have fulfilled a large part of their contractual obligations. Their progress is ahead of schedule and in full respect of strict measures to protect the environment and marine life.”