ExxonMobil's project to explore hydrocarbon reserves in the Greek concessions west and southwest of Crete is progressing, with the company initiating environmental research in the area. This step signifies a more advanced stage in the project's maturity, as ExxonMobil prepares to decide whether to proceed with exploratory drilling by the end of 2024.
The American energy giant has included the Crete region in its broader strategic plan for the Eastern Mediterranean, where it also operates in Cyprus and Egypt. The commencement of environmental studies, effectively launching the procedures for the environmental impact study, could signal the company's commitment to speeding up licensing times in case it decides to drill.
During May, the American company CSA, a certified partner of ExxonMobil, conducted combined surveys southwest of Crete and south of the Peloponnese. The primary objective was to record the existing environmental conditions, while the secondary objective was to detect the possible natural presence of hydrocarbons in the surface sediments. This survey is the second one this year conducted on behalf of the ExxonMobil-HELLENiQ ENERGY joint venture.
ExxonMobil's general manager for Cyprus, Theodosios Varnavas, recently stated the company's plan to decide on exploratory drilling by the end of 2024. If the decision is positive, the company aims to complete the licensing study by the end of 2025 and commence drilling in 2026. ExxonMobil has already leased a drilling rig for exploratory drilling between 2024 and 2026 in both Cyprus and Egypt. The company is concerned about licensing timelines in Greece and has begun preparations to expedite the process.
