ExxonMobil Consortium Advances Seismic Research in Crete

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 announced on Thursday.

The Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA) reported that the consortium, which includes ExxonMobil (NYSE:XOM) and Hellenic Energy, has acquired a total of 7,789 kilometers of two-dimensional seismic data in the "southwestern" block off Crete. This exceeds the required minimum of 3,250 kilometers of 2D data needed for the project to proceed.

The consortium will now advance to the second stage, which involves collecting three-dimensional seismic data in the area. This process will take three years and will ultimately determine the decision for exploration drilling, according to HEREMA.

Greece considers gas a transition fuel as it increases its focus on renewable energy. Historically, it has produced small quantities of oil and has renewed its efforts to explore its hydrocarbon potential in light of the energy crisis in Europe in 2022.