Results from preliminary natural gas exploration off the large Greek island of Crete are encouraging, according to the CEO of the Hellenic Hydrocarbons and Energy Resources Management Co. (HEREMA), Aristofanis Stefatos.
Speaking to To Vima, Stefatos said that following the completion of 3D seismic surveys conducted in the two offshore blocks “West of Crete” and “Southwest of Crete” by a consortium comprised of ExxonMobil and HelleniQ, which hold the exploration and exploitation rights, results were optimistic.
He highlighting the volume of data collected through the marine and subterranean seismic surveys. “Our optimism is further bolstered by the scale, credibility, and performance of the contracting companies currently operating in the Greek territory,” the HEREMA chief said.
HEREMA manages the Greek state’s rights over hydrocarbon exploration and exploitation.
Stefatos also grounded his optimism on the size of the companies involved in the Greek upstream sector: “These are global players, such as ExxonMobil, but also Greek champions, such as HelleniQ Energy and Energean, with significant and long-standing experience in hydrocarbon exploration, production, and supply.” Energean has leased blocks in the Ionian Sea.
He emphasized the investments already made by the petroleum companies: “These companies have already made investments of millions within the framework of the research process. Investments that far exceed what is stipulated by the contractors’ conventional obligations, indicating investors’ high interest.”
The significant interest in whether there are sufficient and exploitable hydrocarbon quantities is focused on the marine area of Crete. Based on data, from the latest 3D seismic surveys, PGS covered 874 square kilometers. Experts in the field suggest that it is likely in these areas where the targets of interest for petroleum companies are located.
The next phase regarding investments linked to actual drilling involves concluding the seismic surveys conducted both this year and during the period 2022-2023 (two-dimensional). If the interpretation of these surveys reveals positive findings, then the ExxonMobil – HelleniQ Energy consortium will make the investment decision to proceed with the first exploratory drilling.
Apart from its strategic role in Greece’s energy sector, HEREMA is the country’s transitional competent authority for offshore safety in oil and gas operations; a role it was been performing since July 2016.
Source: tovima.com
Latest News
Vardis Vardinogiannis: ‘On a Ship’s Bridge You Always Look Forward’
Ten milestones in the half century since the creation of Motor Oil Group, as described by Vardis Vardinogiannis, who passed away on Tuesday at the age of 91
DBRS Says Greek Banks ‘Shielded’ from ECB Rate Cuts
The agency explains that fund disbursements through the banking sector will help offset pressures anticipated on interest margins beginning in 2025, due to expected rate cuts by the European Central Bank (ECB).
Meta Cuts Facebook and Instagram Subscription Fees by 40%
The social media giant also revealed that it will continue to offer free access to Facebook and Instagram for EU users, provided they agree to see ads based on a limited set of user data.
Skyrocketing Use of Debit, Credit Cards
The total value of the transactions conducted with debit and credit cards in the country in the first half of 2024 rose 2% on the corresponding period of 2023
JP Morgan Revised Greece Outlook to ‘Overweight’
The investment bank notes that Greece is showing the strongest GDP growth in the Eurozone. Additionally, efforts to clear up bank balance sheets are anticipated to yield increased capital returns.
Vardis I. Vardinogiannis, Greek Tycoon and Shipping Magnate, Dies at 91
In 1990, Vardinogiannis was targeted in an attack which involved three rockets fired at his vehicle by the terrorist organization 17 November.
Kudos for Greek Sheep’s Milk Cheeses
Graviera is the Greek version of the Swiss gruyère, and is generally considered the second most popular cheese made in the country after feta
EIB Survey: Greeks Rank Climate Change as Top Concern After Cost of Living
Specifically, 98% of the Greeks surveyed stated that the country must to adapt to climate change, with 60% saying that priority should be given to these adjustment measures
Trump Tells Putin not to Escalate Ukraine War during Phone Convo
Meanwhile, President Joe Biden, is preparing to lobby Trump against abandoning U.S. support for Kyiv
Former Thessaloniki Mayor Yiannis Boutaris Dies at 82
Boutaris entered politics in 2010, serving as the 60th mayor of Thessaloniki for two consecutive terms until 2019, becoming a transformative figure with his progressive policies.