Up to 3.5 billion barrels of potential hydrocarbon resources in Greece – The drilling schedule

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Report of the Hellenic Management Company of Hydrocarbons and Energy Resources based on the geological features and the investigations that have been carried out to date

At 3.5 billion barrels of oil equivalent, the Hellenic Hydrocarbons and Energy Resources Management Company (EDEFYEP) estimates the potential resources in Greece, according to a presentation held last week on the occasion of the announcement of its new corporate identity and the expansion of its role in offshore wind as well as natural gas and carbon dioxide storage.

The term “potential resources” (2C resources), as reported by competent officials, refers to conclusions that arise based on the geological characteristics and research that has been done to date, and not to deposits or hydrocarbon reserves that are identified after drilling.

The drilling schedule and expectations

The sizes of the deposits will be specified in the first phase when the seismic surveys are completed and then when the research drillings are implemented which (if deemed appropriate) will be implemented in the areas of Crete and Western Greece that have been granted for hydrocarbon research.

Initially, exploratory drilling is expected in the land area of Ioannina, by Energean, for which the Environmental and Social Impact Study was put out for public consultation last week. It foresees 150 jobs during the period of implementation of the drilling? (about a year) while in case of discovery of a field, the jobs will be much more.

The Epiros -1 well will reach a depth of approximately 3.5 km, in the community of Giorganista of the Municipality of Zitsa.

In the fall of 2022, the 3D seismic surveys in area 2 of Ionian (75 % Energean – 25 % Helleniq Energy). The processing of the data has already begun, which will depend on whether the investigations will proceed to the next phase of drilling.

Likewise, in 2022, data from two-dimensional and three-dimensional seismic surveys were collected from the “Ionio” and “Kyparissiakos” areas where Helleniq Energy operates.

The greatest expectations are located in the marine areas west and southwest of it Crete where two-dimensional seismic surveys are underway by the ExxonMobil (70 %) – Helleniq Energy (30 %) Consortium.

These surveys are expected to be completed by the end of February and the interpretation of the data will follow, on which the execution of research drilling will depend, which is scheduled for 2025.

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