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Skrekas Reports ‘High Expectations’ from Hydrocarbon Exploration

January 25, 2023

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

On the sidelines of the event for the presentation of the new corporate identity of the Hellenic Hydrocarbons and Energy Resources Management Company, the seismic surveys carried out in the areas west and south-west of Crete on behalf of ExxonMobil and Helleniq Energy (formerly ELPE) 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.

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

The president of Hellenic Hydrocarbons and Energy Resources Management Company S.A. (HEREMA S.A.), Rikard Scoufias, noted that in a period of less than a year, seven seismic surveys were completed, a significant achievement even by international standards, compared to only two in the previous 10 years.

The managing director of HEREMA, Aristophanes Stefatos, emphasised that the company will build bridges for a more sustainable future, alongside the historical obligation to utilise Greece’s national wealth with respect for the environment. HEREMA’s new identity reflects the expansion of its responsibilities, beyond hydrocarbon exploration to underground carbon dioxide storage and the promotion of investments in offshore wind farms.

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