Key moment for blocks off Crete
Decision time has come for the hydrocarbon survey program off Crete by the joint venture of ExxonMobil (70%) with Helleniq Energy (30%), which must decide whether it will conduct an exploration drilling.
The results of the evaluation of the seismic data collected by the consortium for the two areas south and southwest of Crete are particularly encouraging and the team of ExxonMobil geologists specializing in the detection of hydrocarbons in unexplored regions is in the process of identifying targets. That is, the exact point that the drill will hit in order for the drilling to be successful, limiting the business risk since it is an investment of 100 or 150 million euros, depending on the depth.
At this stage, it may also be necessary to acquire 3D seismic data, aimed at points where the analysis of the 2D data has identified targets that need a sharper analysis.
The US company has intensified its contacts with the Greek government in recent weeks to determine its next moves. In March, ExxonMobil is expected to visit Athens to inform Prime Minister Kyriakos Mitsotakis himself about the results of the research evaluation and the course of the program.
In the context of a preparatory stage of this meeting, Deputy Minister of Energy Alexandra Sdoukou is meeting with executives of ExxonMobil. The American side seeks to ensure the Greek government’s commitment to the smooth progress of the program through these contacts.
Concerns are mainly related to possible reactions and appeals at the stage of environmental permits required to carry out the drilling. These concerns seem to have been shared by Sdoukou at the meeting she had on February 9 with Rochdi Younsi, vice president of ExxonMonbil’s International Government Relations Department, at the company’s offices in Washington.
At the meeting, according to what was officially announced by the Ministry of Foreign Affairs, “the next steps of joint planning were discussed for the maturation of the procedures that will lead to ExxonMobil’s final investment decision for the start of drilling in the sea blocks south and southwest of Crete.”
