Hellenic Hydrocarbons and Energy Resources Management Company (EDEFYEP) estimates Greece’s potential resources at 3.5 billion barrels of oil equivalent, according to a presentation last week to announce its new corporate identity and expanded role. in offshore wind power, as well as for the storage of natural gas and carbon dioxide.

The term “potential resources” (2C resources), as stated by the competent authorities, refers to the conclusions arising from the geological characteristics and studies carried out to date, and not to deposits or reserves of hydrocarbons identified after drilling.

The fields will be sized first when seismic surveys are completed, and then when exploration drilling is carried out, which (if deemed appropriate) will be carried out in the areas of Crete and Western Greece that have been made available for hydrocarbon exploration. .

For the first time, exploratory drilling is expected onshore Ioannina by Energean, for which an Environmental and Social Impact Study was submitted for public comment last week. It provides for 150 jobs during the period of drilling (about a year), and in the event of a discovery of a field, there will be much more jobs. The Epiros-1 well will reach a depth of approximately 3.5 km in the village of Giorganista, Zitsa municipality.

In the fall of 2022, 3D seismic surveys were also completed in Section 2 of the Ionian Sea (75% Energean – 25% Helleniq Energy). Data processing has already begun, which will determine whether the survey will proceed to the next stage of drilling.

Similarly, in 2022, 2D and 3D seismic data were collected at the Ionio and Kyparissiakos sites, where Helleniq Energy operates.

The biggest expectations are in the offshore areas west and southwest of Crete, where the ExxonMobil (70%)-Helleniq Energy (30%) consortium is conducting 2D seismic surveys. These surveys are expected to be completed by the end of February and data interpretation will follow, which will determine the execution of the exploration drilling, which is scheduled for 2025.

^{Source: APE-MEB}