ExxonMobil-Led Consortium Advances to Second Exploration Phase off Crete

A consortium led by the U.S. oil giant ExxonMobil has completed the initial exploration phase southwest of the Greek island of Crete and has opted to proceed to the second stage, according to Greece’s state-owned Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA) on Thursday.

ExxonMobil and Helleniq Energy are collaborating on these exploration studies through a joint venture. The companies have informed HEREMA that they have concluded the first exploration phase at the “Southwest of Crete” block and have submitted a request to commence the second phase, which will guide their final decision on whether to move forward with drilling, HEREMA stated.

The first exploration phase concluded on 9th October 2024, with the second phase officially starting on 10th October 2024. This next phase is anticipated to last three years, with the primary requirement being the completion of 3D seismic data collection and analysis, the Greek state company added.

During the first quarter of 2024, the ExxonMobil-led consortium conducted preliminary 3D geophysical surveys in the area, focusing on mapping the seabed and upper subsoil layers. The geophysical data collected is now being processed and evaluated.

“We are very pleased that our investors continue their exploration activities in Greece, as their ongoing involvement confirms our belief that Greece’s subsurface could potentially hold significant natural gas reserves,” said Aristofanis Stefatos, chief executive of HEREMA, in a statement.

Should substantial natural gas deposits be discovered, this could contribute to Greece’s economic growth and enhance the energy security of the region, Stefatos added.

Greece has long hoped that its waters could contain vast natural gas reserves, akin to those found in the Eastern Mediterranean offshore Egypt and Israel. The country has renewed its efforts to attract more oil and gas exploration following the energy crisis in Europe triggered by Russia’s invasion of Ukraine in 2022.