
Greece’s Hydrocarbons and Energy Resources Management Company announced the next steps in the country’s natural gas field exploration program, with the realization of three-dimensional geophysical surveys in the North Ionian (Block 2) and two-dimensional geophysical surveys in the West and South-West concessions of Crete, following relevant statements by Prime Minister Kyriakos Mitsotakis and the successful geophysical surveys carried out at the beginning of 2022 in the Central and South Ionian
In April, the Prime Minister announced the acceleration of the timetable for the exploration of the country’s potential natural gas reserves and the expansion of the scope of the Management Company, which now oversees hydrocarbon exploration and production projects, greenhouse gas management and capture, geological gas storage, development of offshore wind farms and international pipelines.
Research and surveys
The geophysical surveys will be carried out in the coming winter months in order to minimize any environmental impact, in accordance with the strictest and best international standards for environmental protection, such as:
• Use of the ‘soft start’ protocol to ensure that marine mammals can be temporarily removed from the geophysical survey area before commencing.
• Doubling marine mammal observers on research vessels conducting geophysical surveys to ensure protection of cetaceans and other marine life within the buffer zone.
• Extending the radius of the minimum safety zone around the ship carrying out the geophysical surveys in case of detection of large marine animals.
• 30 minute waiting period before starting and stopping any exploration activity.
• Passive acoustic monitoring of underwater soundwaves to measure marine noise levels and locate marine mammals.
• Application of a 1 kilometer exclusion zone around Natura areas as well as fish farms.
• Aerial monitoring of cetaceans during and after surveys.
• Full compliance with all applicable regulations and directives in accordance with MARPOL VI and ACCOBAMS conventions and JNCC guidelines.
The strict observance of the above measures and all related procedures is ensured by the presence of independent observers commissioned by the Hydrocarbons and Energy Resources Management Company on the research vessel. In addition, experienced specialized human assets are active in the context of the surveys. These specialists, will be in constant communication with the involved local and regional port authorities as well as with the commercial and fishing vessels that sail near survey areas, with the aim of the smooth execution of both the research programs as well as the daily activities in the specific areas.


Latest News

PM Mitsotakis to Chair New Democracy’s Committee Meeting
Today’s meeting is seen as a crucial opportunity to halt internal disputes within ND and reaffirm unity within the party.

Trump Tariffs Jeopardize Growth: Piraeus Chamber of Commerce
The tariffs, aimed at reducing the U.S. trade deficit, are expected to have both direct and indirect effects on the European economy

EU Condemns Trump Tariffs, Prepares to Retaliate
As tensions escalate, the EU is expected to continue negotiations with Washington while preparing for potential economic retaliation.

The Likely Impact of Trump Tariffs on Europe and Greece
Trump tariffs are expected to negatively affect economic growth in the Eurozone while Greece's exports could take a hit.

Motor Oil Results for 2024: Adjusted EBITDA of 995 mln€; Proposed Dividend of 1.4€ Per Share
Adjusted EBITDA for 2024 was down 33% yoy. The adjusted profit after tax for 2024 stood at 504 million euros, a 43% decrease from the previous year

Cost of Living: Why Greece’s 3% Inflation Is Raising Alarm
Greece appears to be in a more difficult position when it comes to price hikes, just as we enter the era of Trump’s tariffs.

Fitch Ratings Upgrades the Four Greek Systemic Banks
NBG’s upgrade reflects the bank’s ongoing improvements in its credit profile, Fitch notes in its report, including strong profitability, a reduction in non-performing exposures (NPEs), and lower credit losses

Trump to Announce Sweeping New Tariffs Wednesday, Global Retaliation Expected
With Trump's announcement just hours away, markets, businesses, and foreign governments are bracing for the fallout of one of the most aggressive shifts in U.S. trade policy in decades.

Inflation in Greece at 3.1% in March, Eurostat Reports
Average inflation in the eurozone settled at 2.2%, compared to 2.3% in February

Greece’s Unemployment Rate Drops to 8.6% in February
Despite the overall decline, unemployment remains higher among women and young people.