Greece, ExxonMobil and the TotalEnergies are not willing to proceed with exploratory activities

Reportedly, both the US ExxonMobil and the French TotalEnergies are not willing to proceed with exploratory activities within the two offshore blocks west and southwest of Crete. The two companies hold the 40 % stake in the blocks each, with Greek Hellenic Petroleum (ELPE) holding the remaining 20 %.

The lack of interest by the two company is contrary to expectations of the Greek Government for accelerating domestic exploration activities as a result of the EU’s decision to drastically reduce Europe’s reliance on Russian natural gas.

The Greek Hydrocarbon Management Company (EDEY) recently informed the companies involved in upstream activities of the Greek Government’s intentions for a renewed, more ambitious hydro- carbon strategy.

According to EDEY’s schedule, the seismic surveys at the two Cretan offshore blocks should be conducted this coming autumn and in spring 2023.