Filenews 9 November 2022
The sea area to the west and southwest of Crete is characterized by the Hellenic Management Company of Hydrocarbons and Energy Resources as the most promising area for the existence of large natural gas deposits but also as the least mature, where it is imperative to immediately obtain seismic data.
This is the extremely interesting context of the seismic surveys launched yesterday by the joint venture of ExxonMobil and HELPE.
In addition to the area of Crete, EDEHEP has announced the new updated program of research for the four areas that are currently under concession and research programs are in progress.
These are area 2 in the Ionian Sea (west of Corfu), area 10 in the Ionian Sea (west of the Peloponnese), the area of Western and Southwestern Crete and the land concession of Ioannina.
More specifically, for each region separately, the timetable of HEXEP provides:
Area 2, Ionian Sea (Energean 75%, Helleniq Energy 25%): 3D seismic surveys are already underway and are expected to be completed in 2023. In 2024, the decision to drill or leave will be taken. In case of exploratory drilling, this will last 2 years until 2025 while the development of the deposit is expected to last 2 years (2026 – 2027). The start of natural gas production is set in time, if everything develops positively, for 2028.
Area 10, Ionian Sea (Helleniq Energy): The 2D seismic surveys have already been carried out while in 2023 the 3D seismic surveys are expected to be carried out. In 2024, the decision to drill or leave will be taken. The exploratory drilling will last 2 years, while in case a deposit is found it will take another 2 years (2026 – 2027) to develop. The start of natural gas production is set for 2028.
Western and Southwestern Crete (ExxonMobil, Helleniq Energy): 2D seismic surveys have begun that will last until 2023 (along with the interpretation of the data). 3D seismic surveys will follow in 2023 and by the end of 2024 the decision to drill or withdraw will be taken. In case exploratory drilling is decided it will take 2 years. In case of a positive outcome, it will take 3 years for the development of the deposit (2026 – 2028). The start of production, if everything develops positively, is set for 2029.
Ioannina (Energean): This is the onshore area where research is more advanced and the prospect of production is much closer in time. In particular, the process of exploratory drilling is underway, which is likely to be carried out in the summer of 2023. A prerequisite is that the approval of the environmental conditions proceeds in a timely manner. If there are no delays then the development of the deposit can be done in two years and production can start in late 2025 – early 2026.
Here it should be noted that there is a bad precedent in the sense that an almost ready project, the Katakolon concession, has been waiting for the approval of the environmental conditions for the productive drilling (all other procedures and the relevant consultation have been completed) for 3 years.
How much are they worth
A recent study by the Institute of Energy of Southeastern Europe puts the estimate for the size of Greek deposits in the Ionian Sea and Crete at 70 to 90 trillion cubic feet, with an estimated value of €250 billion. This magnitude is based on the research data that have emerged from the seismic surveys that have been carried out and which have identified specific geological structures with a high probability that deposits exist there. What are the chances of deposits being located in these structures? According to IENE's estimate for each region there is a different success rate, which depends on the data present in the studies. For example, in Crete there is still a lot of work to be done as the seismic surveys that have been done are quite sparse. On the contrary, in several areas of the Ionian Sea the data is better and there is a probability of success up to 25%, a percentage that for market connoisseurs is considered quite high. The same applies to several areas in the Thermaic Gulf, where there are specific mapped areas in which drilling can easily be done.
Source:Capital.gr
