ExxonMobil JV continues to explore offshore Greece

The ExxonMobil Corp.-HELLENiQ Energy (formerly Hellenic Petroleum SA) joint venture will begin a second exploration phase offshore Greece, said Hellenic Hydrocarbons and Energy Resources Management Co. (HEREMA) in an Oct. 10 release.

The co-lessees of the Southwest of Crete block notified HEREMA that they have concluded the first exploration phase and have submitted a request to begin the second phase (OGJ Online, July 22, 2022). The second phase is expected to determine a final decision on future drilling.

Τhe first exploration phase ended Oct. 9, 2024. Minimum work for the second phase, which began Oct. 10, 2024, and will span 3 years, requires completing the collection and assessment of 3D seismic data.

The first exploration phase included collection and assessment of 3,250 km of 2D seismic data and geochemical analyses. The initial phase of offshore geophysical surveys, completed in March 2023, was carried out by PGS (now merged with TGS). 

In first-quarter 2024, the ExxonMobil-HELLENiQ JV, in collaboration with PGS, conducted preliminary 3D geophysical surveys in the area focused on mapping the seabed and the top levels of subsoil. Geophysical data collected is being processed and assessed. 

Total work conducted exceeded the minimum investment stipulated in the respective lease agreement. The survey itself also exceeded the minimum work program. The survey collected 7,789 km of seismic data, which is more than the minimum contractual obligation of 3,250 km.