Greece is preparing to open the door to a new wave of offshore exploration, with Energy Minister Stavros Papastavrou moving to launch a tender for licenses to conduct fresh seismic surveys across western and southern Greek waters.
HEREMA, the Hellenic Hydrocarbons and Energy Resources Management Company and the state body that oversees Greece’s oil and gas exploration, is launching the process in response to interest from international firms that acquire and process seismic data. These companies would shoulder the cost and commercial risk of the surveys themselves, betting that demand for the results will follow.
The move comes as activity in the Greek hydrocarbons market gathers pace, buoyed by the presence of US majors Chevron and ExxonMobil and by a drilling program taking shape for the years ahead.
Interest from seismic players
According to government officials, the interest expressed to HEREMA comes from companies active worldwide in acquiring and processing seismic data, which judge that the prospects of the Greek market justify new investment.
The preferred model is based on non-exclusive, or multi-client, seismic data, which can then be licensed to more than one client. That approach lowers the cost for oil companies of evaluating potential targets, since the expense of the survey is spread across multiple buyers rather than borne by a single operator.
HEREMA links the initiative to recent developments in the hydrocarbons sector and to the agreements with Chevron and ExxonMobil. Government sources note that the heightened activity is creating the conditions for a seismic data market that until now has remained limited. Investments of this kind are typically made only when there is an expectation of sufficient demand for the data they generate.
Building a data bank
In parallel, HEREMA announced it is setting in motion the creation of a bank of two-dimensional and three-dimensional non-exclusive data designed to make the relevant areas more attractive to hydrocarbon companies. The body says such a bank would guarantee easier access and improved data accuracy while reducing investment risk.
Interested companies responding to the call can propose survey programs covering entire areas or parts of them, stretching from the northern Ionian Sea down to the waters south of Crete. The surveys may involve 2D or 3D seismic data.
The real test lies in drilling
The activity in the seismic data market coincides with preparations for the first major exploratory wells, which are expected to be the next decisive step in assessing Greece’s offshore potential.
Andreas Siamisiis, chief executive of HELLENiQ ENERGY, set out the market’s plans at the company’s annual general meeting. He said the first well at Block 2 is expected to begin in early 2027, drilled by the consortium of Energean, ExxonMobil and HELLENiQ ENERGY, with the cost of each well estimated at between $60 million and $100 million. The consortium is targeting 10 wells with investments of $1 billion.
Siamisiis placed both the publication of the first results from the Block 2 well and the results of seismic surveys planned by Chevron in the offshore blocks south of Crete and the Peloponnese within 2027, pointing to a particularly dense timeline for hydrocarbon exploration in Greece.
He also disclosed that the group will seek an extension of its exploration program in its Ionian Sea offshore block in the coming days, and underscored the strategic significance for the country of hosting two of the world’s most powerful energy groups, Chevron and ExxonMobil.
Source: OT.gr
