Volos (Business Emerge), October 10: A consortium spearheaded by ExxonMobil is set to enter the next phase of seismic gas exploration off the coast of Crete, according to a statement from the Greek authorities. The consortium, which includes ExxonMobil and Hellenic Energy, has completed the first phase of seismic data collection, covering a total of 7,789 kilometers of two-dimensional (2D) seismic data, far exceeding the required 3,250 kilometers initially mandated for the project’s continuation.
This development marks the transition to the second phase of the project, which will focus on acquiring three-dimensional (3D) seismic data over the next three years. The findings from this phase will play a crucial role in determining whether exploratory drilling in the area will proceed.
Greece has been exploring its hydrocarbon reserves more intensively, especially after the European energy crisis in 2022. While the country has a history of small-scale oil production, it now views natural gas as an essential transitional energy source while accelerating its investments in renewable energy projects.