Research for hydrocarbons in Crete and Peloponnese has begun

Seismic surveys south of the Peloponnese and west of Crete began today by ExxonMobil to explore natural gas deposits, according to the Minister of Environment and Energy, Kostas Skrekas.

Speaking to national broadcaster ERT, he revealed that the search for hydrocarbons in Greece has begun. The ship is on its way. It casts and drags cables that emit signals and listens for the return of the signals so that it can determine the geological makeup.

The relevant NAVTEX, issued last Monday, provides that areas in the Ionian Sea, the Western Sea and west and east of Crete are reserved so that the ship Nanco Swift can carry out equipment deployment and seismic surveys.

“This may be the last large deposit we are investigating in SE Europe”

“The deposit that we suspect exists southwest of Crete and the Peloponnese is perhaps the last hope that the mining industry has to find a large natural gas deposit in the region of Eastern Europe,” the minister revealed to ERT, clarifying however that “until we drill down and see what’s really there, everything is just estimates.”

Seismic surveys will last 2 years. Based on their results, the consortium will decide whether to proceed with exploratory drilling or withdraw. If the investigations are deemed satisfactory, natural gas production may begin in 2027.

The schedule of surveys:

2022- 2024: Seismic surveys
2024-2026: Exploratory drilling
2026-2027: Field development
2027-2028: Natural Gas Production