The completion of seismic surveys for hydrocarbons in marine areas west – southwest of Crete announced the Hellenic Hydrocarbons and Energy Resources Management Company.

The next step is the interpretation of the data gathered from the surveys, which will depend on whether the 3D seismic surveys will also be carried out or – most likely at the moment – the execution of exploratory drilling around the end of 2023.

The investigations, it is recalled, began in November and were carried out on behalf of the hiring companies ExxonMobil and Helleniq Energy from the marine geophysical data acquisition and processing company PGS in areas totaling 40,000 square kilometers.

According to EDEFEP, the surveys far exceeded the minimum contractual obligations as a total of 12,278 kilometers of seismographic data were collected against the 6,500 kilometers foreseen as a minimum contractual obligation.

The surveys thickened the bottom mapping network in the areas within the concessions west and southwest of Crete, offering for the first time insight and information on important and uncharted areas within the Greek EEZ.

The Minister of Environment and Energy, Kostas Skrekas, made the following statement: “In April, the Prime Minister, Kyriakos Mitsotakis, announced the acceleration of investigations to locate hydrocarbons. Today, faster than expected, the seismic surveys in the area of ​​Crete were completed. Within two years we have carried out seismic surveys in 5 areas, as opposed to only 2 areas, from 2011 to 2020. I would like to congratulate all parties involved and state that we await the results of the surveys with great interest. Our goal is to have the first test drilling within 2025. We need to find out if the subsoil of our country hides a new potential source of wealth with deposits that can be exploited for the benefit of Greek society. The government will continue to respond with speed and realism to the challenges of the energy crisis».

The managing director of EDEYEP, Aristophanes Stefatos, said: “As the competent state-owned company managing the concession contracts on behalf of the Greek state, we are deeply satisfied for our excellent cooperation with the investors, who increased their investments and completed the research program at a rapid pace. This will be followed by data processing, interpretation and evaluation in order to make decisions about entering the next phase of investigations».

The president of EDEYEP, Rikard Skoufias, welcomed the completion of the investigations and commented: “The successful completion of the surveys marks the completion of all seismographic programs and is a Greek achievement on a global scale that comes at a very important moment for Europe. We are faced with an unprecedented opportunity to exploit Greece’s natural gas resources in a way that can not only bring economic and strategic benefits, but also support the acceleration of the transition to a more sustainable future, which is the ultimate goal. Right now we must focus on strengthening resources and cooperation at all levels to ensure that we maintain this historic momentum.».