06:22 AM EDT, 10/10/2024 (MT Newswires) -- Exxon Mobil ( XOM ) and Greece's Hellenic Hydrocarbons and Energy Resources Management, or HEREMA, have decided to enter the second phase of offshore exploration in their joint venture project southwest of the island of Crete, the Greek's state-owned company said Thursday.

The joint venture, ExxonMobil ( XOM )/Helleniq Energy, has completed the first phase of exploration, HEREMA said. The three-year second phase of collection and assessment of 3D seismic data "will inform their final decision to proceed with drilling," it said.

HEREMA Chief Executive Aristofanis Stefatos said the ongoing exploration activities "verifies our estimates that the Greek subsurface could potentially hold significant natural gas deposits."

ExxonMobil ( XOM ) did not immediately reply to MT Newswires' request for comment.

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