Decisions Over Exploratory Hydrocarbon Drilling SW of Crete, Ionian Expected Shortly

January 30, 2024
Written by E.Tsiliopoulos

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Decisions Over Exploratory Hydrocarbon Drilling SW of Crete, Ionian Expected Shortly

Decisions are expected over the coming period by energy consortia over whether to proceed with exploratory drilling in five offshore blocks southwest of Crete and in the Ionian Sea, off the western coast of mainland Greece.

By all accounts, such drilling will focus on exploitable natural gas deposits in Greek waters.

According to a report in “To Vima”, ExxonMobil, HelleniQ Energy and Energean are in the “final stretch” of analysis of seismic research conducted in the five blocks.

First drilling off Crete expected in 2025

Market sources this month said the first drilling rid chartered by the ExxonMobil – HelleniQ Energy consortium will begin operations within 2025 southwest of Crete, marking the first such exploratory drilling in Greek waters in 20 years.

Similar decisions are pending by three energy groups over developing major offshore wind farms, following a national program announced by the state-run Hellenic Hydrocarbons and Energy Resources Management Co. (HEREMA S.A.) last October, a program that was greeted with very favorable reviews by investors at a handful of international forums, such as COP28 in Dubai.

HEREMA has staked off 25 maritime regions, exceeding 2,700 square kilometers, with the prospect of generating a minimum of 12.4 GW from offshore and floating units.

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