By ATHENS (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 (NYSE: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.