HEREMA CEO Anticipates Promising Results from Crete Natural Gas Exploration

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Aristofanis Stefatos, CEO of the Hellenic Hydrocarbons and Energy Resources Management Co. (HEREMA), has expressed optimism over preliminary findings of natural gas exploration off the coast of Crete.

A consortium consisting of ExxonMobil and HelleniQ Energy conducted 3D seismic surveys in the "West of Crete" and "Southwest of Crete" offshore blocks. Stefatos emphasized the extensive data gathered through marine and subterranean surveys.

Bolstering his optimism is the caliber of companies involved, including global players like ExxonMobil and experienced Greek energy companies like HelleniQ Energy and Energean.

"These companies have already made substantial investments in research, exceeding contractual obligations, indicating their strong interest," Stefatos noted.

3D seismic surveys were conducted in the two offshore blocks west and southwest of Crete by a consortium comprised of ExxonMobil and HelleniQ Energy
HEREMA CEO Anticipates Promising Results from Crete Natural Gas Exploration 1

The focus of interest centers on whether sufficient quantities of hydrocarbons exist in Crete's waters. Experts suggest that 3D seismic surveys by PGS covered areas with potential targets.

The next phase involves completing seismic surveys and evaluating their findings. If positive results are obtained, ExxonMobil and HelleniQ Energy will consider exploratory drilling.

Besides its role in Greece's energy security, HEREMA also serves as the country's transitional competent authority for offshore safety in oil and gas operations.

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