Hellenic Petroleum: Hydrocarbon Exploration in the Ionian Progressing

ATHENS – The Hellenic Petroleum Group is now processing and evaluating the data that emerged from the seismic surveys in the Ionian and Gulf areas of Kyparissia, which were completed in February. Then, within 6-12 months, smaller areas of sea will be selected for higher-definition (three-dimensional) seismic surveys, which will more accurately reveal the location and size of possible deposits, the CEO of the Hellenic Petroleum, Andreas Siamisis, said on the sidelines of the event for the inauguration of the group’s photovoltaic park in Kozani.

Siamisis clarified that the group is only interested in natural gas and offshore (not land) deposits and for this reason, did not proceed with drilling in the Western Patras Gulf, where surveys indicated the presence of oil.

The completion of seismic surveys in the Ionian regions will also make it possible to attract potential investors in joint ventures for the exploration and extraction of hydrocarbons, as the previous investors withdrew.

Asked about the prospects of the areas west and southwest of Crete that have also been allocated for hydrocarbon exploration, Siamisis said that investments can not proceed before there is a decision on a petition objecting to the relevant environmental studies at the Council of State.

“Once the formal obstacles are eliminated, we will proceed either with the same partners, or with other partners, or alone. In these areas, where the sea depths are great, the knowhow is important,” Siamisis stressed. He noted, however, that the wider region has great prospects due to the significant discoveries that preceded it in Egypt and the Eastern Mediterranean.

The CEO of the group stressed that, as the gas units will operate as base units, it is recommended not to be dependent on specific producers. “Instead of importing gas to generate electricity, we will exploit domestic deposits,” he said.


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