Greece has ‘High Expectations’ from Gas Deposits Off Crete

The seismic surveys carried out in the areas west and southwest of Crete are expected to be completed by the end of February.

The government in Greece said Tuesday it has “high expectations” from the exploration of natural gas in the maritime area off Crete.

Greece began gas exploration starting with seismic surveys in November 2022 conducted by the ExxonMobil/HelleniQ Energy joint venture that owns the rights in the area with the Sanco Swift vessel, chartered by the Norwegian geophysical survey specialist PGS.

Environment and Energy Minister Kostas Skrekas spoke of “high expectations” from hydrocarbon exploration, adding that if exploitable deposits are indeed identified in the planned drilling, they could cover the gap in Europe’s energy supply.

The seismic surveys carried out in the areas west and southwest of Crete are expected to be completed by the end of February.

This will be followed by the examination of the data and, if the results are encouraging, exploratory drilling will follow in 2025.

At the same time, negotiations are underway for the possible entry of new investors into the exploration and exploitation schemes, Skrekas revealed.

Developments are also recorded in the area of Ioannina, where Energean is conducting surveys.

Gas exploration off Crete was announced by PM Kyriakos Mitsotakis during an interview with private broadcaster Antenna TV in November.