The administration of the Hellenic Hydrocarbon Resources Management (HHRM S.A) is expected to begin contacting Greek and foreign investors who have been granted concessions for hydrocarbon exploration in the Ionian Sea, as well as areas west-southwest of Crete.
Citing HHRM’s sources, state-run news agency amna reports that the decision to upgrade the projects to national importance, as announced by the prime minister, is the new framework in which the explorations are placed, which will be communicated to investors.
In other words, the new strategy of accelerating the processes and facilitating the operations at each licensing stage will be pointed out, as well as the time schedules that have been set, which predict the completion of seismic surveys by the end of 2023 at the latest, if not in the spring.
The same sources stated that there is interest from other foreign companies to participate in the exploration in the six specific areas, without ruling out the possibility of claiming new “plots” beyond the specific ones.
On this issue, the departure of energy companies from Russia is a good opportunity, the sources added.
PM Kyriakos Mitsotakis announced beginning of the week the acceleration of hydrocarbon exploration in the Ionian Sea and South of Crete as well as near Ioannina, Epirus, on western mainland.
In the only land area leased out, to London-based Energean plc, the state wants exploratory drilling in a small (0.3 – 0.4 hectare) plot to take place by the end of 2023 and production to begin by 2025, if enough reserves are found. The fact that gas reserves have been found in neighboring Albania is encouraging.
In Area 2, west for Corfu, leased to a consortium made up of Energean (75%) and Hellenic Petroleum (25%) there will be immediate 3-D seismic exploration followed by exploratory drilling in 2024. The target reserves are said to extend beyond Greek waters, which means that, if exploitable reserves are found, revenue will be shared with another country.
In the Ionian Sea and Kyparissiakos Gulf areas, the latter of the coast of the Peloponnese, where Hellenic Petroleum (HELPE) has been granted exclusive exploration rights, 2-D seismic research has just been concluded, to be followed by analysis before proceeding with 3-D research. The spots where that research will take place will be chosen in 2023, aiming for a first exploratory drilling in 2024.
In the areas of the coast of Crete, awarded to a consortium made up of Total, ExxonMobil and HELPE, research has been delayed by environmental NGOs who have petitioned the Council of State against the exploration. There is a talk of activating protective clauses in order to ensure that 2-D drilling begins in the winter of 2022-23.
The HHRM management said that the already-mentioned estimate of €250 billion in turnover from hydrocarbon exploitation is based on oil prices between $60 – 70 per barrel.
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