Greece is seeking to put areas of western and southern Greece back on the international investment map—areas that remain either unexplored or outside active concessions—by opening a new cycle of seismic surveys almost 14 years after the major 2012–2013 survey. With the publication yesterday in the Official Journal of the European Union of HEREMA’s international public invitation, the process for selecting seismic-survey companies that will be able to acquire and process new non-exclusive seismic data was officially launched. The data will cover an extensive offshore zone stretching from Corfu to south of Crete. This is a development that HEREMA chief executive Aris Stefatos had announced several months ago.

The move is aimed, on the one hand, at updating the geological picture of areas for which the available public data are largely from an earlier generation and, on the other, at creating the conditions for attracting new companies to the Greek hydrocarbons exploration and production market that will carry out either two-dimensional or three-dimensional data surveys.

A 90-day deadline is running from the publication of the invitation and, according to the terms of the procedure, interested parties may submit applications until the first working day following its expiration, namely Tuesday, November 10.

PGS is effectively returning to Greece, as it was the company that conducted the major seismic survey in Greek waters, from the Ionian Sea to south of Crete, between 2012 and 2013, creating the database on which the subsequent round of concessions was based to a significant extent.

The new expression of interest is different in character. Seismic-survey companies are not coming in as concessionaires to search for deposits themselves. They invest in acquiring and processing geophysical data, which they can then make commercially available to oil companies considering a potential entry into an area.

In this sense, the decision by PGS Exploration to make a new entry into the Greek market on its own initiative is being interpreted as an indication that it sees potential commercial demand for newer data from western and southern Greece.

A new “X-ray” of the subsurface

The last large-scale public seismic survey of this particular zone was conducted approximately 14 years ago. In the intervening period, both data-collection techniques and the capabilities for processing and visualizing the data have advanced significantly.

A new package of 2D and, above all, 3D data could therefore provide a much more accurate picture of geological structures and reduce the initial risk for an investor considering an area.

The non-exclusive data model is based precisely on this logic. Instead of each interested oil company having to finance an expensive seismic campaign from scratch, it can purchase access to data that have already been collected and processed by a specialized provider.

In this way, the cost of initial exploration is reduced and the potential pool of interested investors is broadened, as access to the initial geological information becomes easier for smaller and mid-sized upstream players as well.

Areas that have returned to the State also in the picture

The new process takes on greater significance for offshore zones that had previously been awarded as concessions but have since returned to the State. Among them is the “West of Crete” block, which until recently was in the portfolio of the ExxonMobil–HELLENiQ ENERGY consortium.

The availability of new seismic data in such areas could constitute the first step toward reassessing them. If the new geological picture reveals interesting structures, the State will have a stronger information base from which to consider in the future whether, and in what manner, they could return to the market.

Chevron’s parallel activity

The new initiative coincides with a broader period of activity in hydrocarbons exploration in the country. Chevron and HELLENiQ ENERGY are preparing their own seismic-survey programs in the “Southern Peloponnese,” “South Crete I,” “South Crete II” and “A2” concessions, creating scope for technical and timing coordination.

Depending on the bids submitted in HEREMA’s tender, synergies between the two processes cannot be ruled out. A seismic-survey company could, for example, propose 3D imaging in an area where a concessionaire is planning 2D surveys, provided, of course, that the necessary consent is obtained.

Such a model could generate a larger volume of geological information in a shorter period of time and strengthen Greece’s overall image as an active upstream market.

The next milestone

Candidates will be evaluated on the basis of their legal capacity, technical competence and financial capability, as well as the competitive elements of their technical and financial offers.

After the deadline expires on November 10, the applications will be evaluated and the most advantageous application or applications will be selected. HEREMA will then sign the relevant contracts with the one or more contractors selected.

Greece is seeking to put areas of western and southern Greece back on the international investment map—areas that remain either unexplored or outside active concessions—by opening a new cycle of seismic surveys almost 14 years after the major 2012–2013 survey. With the publication yesterday in the Official Journal of the European Union of HEREMA’s international public invitation, the process for selecting seismic-survey companies that will be able to acquire and process new non-exclusive seismic data was officially launched. The data will cover an extensive offshore zone stretching from Corfu to south of Crete. This is a development that HEREMA chief executive Aris Stefatos had announced several months ago.

The move is aimed, on the one hand, at updating the geological picture of areas for which the available public data are largely from an earlier generation and, on the other, at creating the conditions for attracting new companies to the Greek hydrocarbons exploration and production market that will carry out either two-dimensional or three-dimensional data surveys.

A 90-day deadline is running from the publication of the invitation and, according to the terms of the procedure, interested parties may submit applications until the first working day following its expiration, namely Tuesday, November 10.

PGS is effectively returning to Greece, as it was the company that conducted the major seismic survey in Greek waters, from the Ionian Sea to south of Crete, between 2012 and 2013, creating the database on which the subsequent round of concessions was based to a significant extent.

The new expression of interest is different in character. Seismic-survey companies are not coming in as concessionaires to search for deposits themselves. They invest in acquiring and processing geophysical data, which they can then make commercially available to oil companies considering a potential entry into an area.

In this sense, the decision by PGS Exploration to make a new entry into the Greek market on its own initiative is being interpreted as an indication that it sees potential commercial demand for newer data from western and southern Greece.

A new “X-ray” of the subsurface

The last large-scale public seismic survey of this particular zone was conducted approximately 14 years ago. In the intervening period, both data-collection techniques and the capabilities for processing and visualizing the data have advanced significantly.

A new package of 2D and, above all, 3D data could therefore provide a much more accurate picture of geological structures and reduce the initial risk for an investor considering an area.

The non-exclusive data model is based precisely on this logic. Instead of each interested oil company having to finance an expensive seismic campaign from scratch, it can purchase access to data that have already been collected and processed by a specialized provider.

In this way, the cost of initial exploration is reduced and the potential pool of interested investors is broadened, as access to the initial geological information becomes easier for smaller and mid-sized upstream players as well.

Areas that have returned to the State also in the picture

The new process takes on greater significance for offshore zones that had previously been awarded as concessions but have since returned to the State. Among them is the “West of Crete” block, which until recently was in the portfolio of the ExxonMobil–HELLENiQ ENERGY consortium.

The availability of new seismic data in such areas could constitute the first step toward reassessing them. If the new geological picture reveals interesting structures, the State will have a stronger information base from which to consider in the future whether, and in what manner, they could return to the market.

Chevron’s parallel activity

The new initiative coincides with a broader period of activity in hydrocarbons exploration in the country. Chevron and HELLENiQ ENERGY are preparing their own seismic-survey programs in the “Southern Peloponnese,” “South Crete I,” “South Crete II” and “A2” concessions, creating scope for technical and timing coordination.

Depending on the bids submitted in HEREMA’s tender, synergies between the two processes cannot be ruled out. A seismic-survey company could, for example, propose 3D imaging in an area where a concessionaire is planning 2D surveys, provided, of course, that the necessary consent is obtained.

Such a model could generate a larger volume of geological information in a shorter period of time and strengthen Greece’s overall image as an active upstream market.

The next milestone

Candidates will be evaluated on the basis of their legal capacity, technical competence and financial capability, as well as the competitive elements of their technical and financial offers.

After the deadline expires on November 10, the applications will be evaluated and the most advantageous application or applications will be selected. HEREMA will then sign the relevant contracts with the one or more contractors selected.