A consortium led by ExxonMobil, a major U.S. oil company, has completed the first phase of natural gas exploration southwest of Crete, Greece. On Thursday, the Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA), Greece’s state energy firm, announced that the consortium will move forward with the second exploration phase.
ExxonMobil and Helleniq Energy are collaborating on this project. The companies informed HEREMA that they have finished the first exploration phase in the block “Southwest of Crete” and have requested to begin the second phase. This next phase will be crucial in determining whether they will proceed with drilling.
The first phase concluded on October 9, 2024, and the second phase officially started on October 10, 2024. This phase is expected to last three years and will focus on collecting and assessing 3D seismic data, as required by the Greek state company.
Earlier in 2024, the ExxonMobil-led consortium conducted initial 3D geophysical surveys in the area. These surveys aimed to map the seabed and the upper levels of the subsoil. The geophysical data gathered is currently being processed and analyzed.
Aristofanis Stefatos, CEO of HEREMA, expressed satisfaction with the ongoing exploration activities in Greece. He stated that the continued investment in exploration reinforces their belief that the Greek subsurface may contain significant natural gas reserves.
If substantial natural gas resources are discovered, they could enhance Greece’s economic growth and improve the region’s energy security, Stefatos noted.
Greece has been optimistic that its waters might hold large natural gas reserves, similar to those found in the Eastern Mediterranean off the coasts of Egypt and Israel. Following the energy crisis in Europe triggered by Russia’s invasion of Ukraine in 2022, Greece has renewed its efforts to attract more oil and gas explorers to its waters.
You Might Be Interested In
- Is Natural Gas Drilling Bad for the Environment?
- Where Does China Get Its Natural Gas?
- What is Liquefied Natural Gas (LNG)?