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ExxonMobil-led consortium to continue seismic research for gas off Crete, says Greece
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ExxonMobil-led consortium to continue seismic research for gas off Crete, says Greece
Oct 10, 2024 10:47 PM

ATHENS, Oct 10 (Reuters) - An ExxonMobil-led consortium

will move to the second phase of seismic research for gas

exploration in a block off the Greek island of Crete, Greece

said on Thursday.

Hellenic Hydrocarbons and Energy Resources Management

Company (HEREMA) said that the consortium of ExxonMobil ( XOM ) and

Hellenic Energy have acquired a total of 7,789 kilometres of

two-dimensional seismic data in the "southwestern" block off

Crete compared to a required minimum of 3,250 kilometres of 2D

data needed for the project to proceed.

The consortium will now move to the second stage for

collecting three-dimensional seismic data in the area. That

process will take three years and will determine the final

decision for exploration drilling, HEREMA added.

Greece, which views gas as a transition fuel as it ramps up

renewables, has produced small quantities of oil in the past and

has renewed its efforts to explore its hydrocarbon potential

following a 2022 energy crisis in Europe.

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