ExxonMobil is holding seismic data collected by the Norwegian PGS survey vessel Sanco Swift between November 9 and February 17 in subsea areas west and southwest of Crete.

The geologists of the largest multinational corporation in the world, with accumulated experience and great resolution capabilities provided by new technologies, are ready to take on image and information analysis from 12,278 km of seismographic data in two areas, a process that will also judge the next steps. If and when, i.e. the first drilling rig goes into operation, it will confirm, based on geological data, that natural gas deposits are hidden in the deep waters of Crete, which will make the country a producer and exporter.

The most realistic scenario, according to what Ms. Louise Papageorgiou, Public Relations and Government Relations Manager for Cyprus and Greece at ExxonMobil, told K, is that the first drilling will take place in early 2025, not excluding that it can happen. will also occur in 2024 depending on conditions. “By 2023, we will have done the analysis of 3D seismic data. There is a possibility – and this has happened on other occasions – that while doing the analysis, we find that we need more specialized analysis, or that we also need to collect 3D data to get a clear picture. Assuming that 2D data analysis helps us have a clear picture, drilling could continue even into 2024. Of course, this will depend on how quickly the permissions “run in” and how quickly they are found. drilling rig. But 2025 is, I would say, the most realistic scenario,” he emphasizes.

In the hands of the American giant seismic data of two sites.

Oil transnational corporations avoid making predictions about the availability of deposits. International experience says that no matter how much data you have, if you do not drill, you cannot know what is underground, and according to statistics, every third extraction is successful. But in order to enter the process of interest in the area, they probably have some signs and hopes that the deposit exists. As for the uncharted area of ​​Crete, ExxonMobil’s hopes for a natural gas field are clearly linked to discoveries in the wider Southeast Mediterranean region.

“Based on our research, we estimate that there will be a gap between gas supply and demand in the next 20-30 years, and we are open to new sources that will fill it. For example, when Leviathan was discovered in Israel and Zohr in Egypt, we turned our interest to this area and went to Cyprus. There is also interest in Egypt. Crete, although we cannot say that the topography of the land is similar to that of Egypt, belongs to the southeastern Mediterranean, which is certainly an interesting region. In addition, natural gas will be able to flow both to Egypt and to Europe,” emphasizes Ms. Papageorgiou.

He also points “K” to the company’s very good cooperation with the Greek state and its partners during seismic surveys. Studies in two underwater areas of Crete have been successfully completed, well in excess of the minimum contractual obligations.

A total of 12,278 km of seismographic data were collected out of a 6,500 km minimum contractual obligation. They were overseen by the Hellenic Hydrocarbons and Energy Resources Management Company (EDEYEP), which deployed its own independent monitors to ensure that all prescribed environmental measures and regulations were implemented and observed.

Hydrocarbons will remain the main source of energy in the future

“We published our first sustainability report over 20 years ago. During this period, we have seen market conditions rise to all-time highs and fall to all-time lows. Despite all this, one thing remains clear – the world needs the energy and products we supply.” The energy crisis amply confirmed the views of ExxonMobil Chairman and CEO Darren Woods in his December 15, 2022 letter to the company’s Sustainability Report. older. We have seen firsthand what happens when the market thinks there will be a shortage of energy supply,” he also notes with satisfaction the confirmation of his company’s strategy, which, even during the pandemic and despite the trend of declining investment in the sector, continued. invest in hydrocarbons.

ExxonMobil’s energy supply and demand scenario projections to 2050 in its Energy Outlook 2022 show that the world will use 15% more energy in 2050 than it does today, with global consumption shifting proportionately towards developing countries, which account for 80% of the world’s population and will consume more and more energy. access reliable and affordable energy. None of the scenarios claim that renewable energy will lead us to zero pollution. All energy sources remain important until 2050. Oil and natural gas play an important role in the energy transition, accounting for 55% of the world’s energy mix in 2050, with renewables largely displacing coal. Oil continues to play a leading role in the global energy mix, with increasing demand from commercial vehicles and raw materials for the chemical industry. In 2050, natural gas will cover almost 30% of total demand. Demand for electricity will grow by more than 70% as coal production declines and production from other sources increases, including natural gas, wind power and nuclear power. Renewable energy sources and nuclear power are experiencing explosive growth, providing about 65% of the increase in energy supplies to meet growing demand. The use of coal remains significant in parts of the developing world. Its share is falling below 15% of the global share as China and developed countries turn to lower emission sources such as renewable energy, nuclear power and natural gas.

Numbers

15% more energy the world will use in 2050.
55% energy balance will fall on gas and oil.
thirty% of the total demand will be covered by natural gas.
70% demand for electricity will increase.