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High expectations natural gas off Crete could cover EU needs

Positive messages from ExxonMobil for an important natural gas field in Crete. Energy Minister says “there are expectations that it will cover the gap of Russian gas for 10 years in the European Union.”

Environment and Energy Minister Kostas Skrekas spoke of “high expectations” from hydrocarbon exploration in the maritime area of Crete, adding that if exploitable deposits are indeed identified in the planned drilling, they could cover the gap in Europe’s energy supply.

On the sidelines of the event for the presentation of the new corporate identity of the Hellenic Hydrocarbons and Energy Resources Management Company, the seismic surveys carried out in the areas west and south-west of Crete on behalf of ExxonMobil and Helleniq Energy (formerly ELPE) are expected to be completed by the end of February.

This will be followed by the examination of the data and, if the results are encouraging, exploratory drilling will follow in 2025.

At the same time, negotiations are underway for the possible entry of new investors into the exploration and exploitation schemes.

Developments are also recorded in the area of Ioannina, where Energean is conducting surveys.

The president of Hellenic Hydrocarbons and Energy Resources Management Company S.A. (HEREMA S.A.), Rikard Scoufias, noted that in a period of less than a year, seven seismic surveys were completed, a significant achievement even by international standards, compared to only two in the previous 10 years.

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One comment

  1. “ExxonMobil” – they have some unpleasant history don’t they e.g. Exxon Valdez ?

    “they could cover the gap in Europe’s energy supply.”

    What is the quid pro quo? Do we know who gets what etc?

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