Key moment for blocks off Crete

Decision time has come for the hydrocarbon survey program off Crete by the joint venture of ExxonMobil (70%) with Helleniq Energy (30%), which must decide whether it will conduct an exploration drilling.

The results of the evaluation of the seismic data collected by the consortium for the two areas south and southwest of Crete are particularly encouraging and the team of ExxonMobil geologists specializing in the detection of hydrocarbons in unexplored regions is in the process of identifying targets. That is, the exact point that the drill will hit in order for the drilling to be successful, limiting the business risk since it is an investment of 100 or 150 million euros, depending on the depth.

At this stage, it may also be necessary to acquire 3D seismic data, aimed at points where the analysis of the 2D data has identified targets that need a sharper analysis.

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