The Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA) announced the successful completion of the first phase of exploration for hydrocarbons carried out by the ExxonMobil/HELLENiQ ENERGY consortium in the marine areas of the block southwest of Crete, as well as the decision of the consortium to officially proceed with the second phase of survey.
ExxonMobil/HELLENiQ ENERGY notified about the conclusion of the first phase of the survey in the block southwest of Crete, and launched the start of the second phase which will determine the final decision to conduct drilling.
The first program included, among other things, the acquisition and processing of 3,250 km of 2D seismic data, and the conduct of a geochemical survey. The initial phase of the marine geophysical surveys, completed in March 2023, was carried out by the international marine geophysical data acquisition and processing company PGS (now merged with the TGS company), on behalf of the lessee companies ExxonMobil and HELLENiQ ENERGY.
PGS completed the program successfully while adhering to strict environmental measures such as the ‘soft start’ protocol and the ‘exclusion zone’. The final work carried out exceeded the minimum expenditure provided for in the contract, amounting to 5,000,000 euros, as well as the minimum work schedule, as a total of 7,789 kilometers of seismic were acquired against the 3,250 minimum required.
The first phase ended on October 9, 2024, while the next phase of the survey officially started on October 10, 2024.
