December 7, 2022

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ExxonMobil begins exploration in the Peloponnese and southwest of Crete

The hearings will begin in a few days In his interview with Exxon Mobil, ANT1, on two lands from Exxon Mobil in the Peloponnese and southwest of Crete, Prime Minister Kyriakos Mitsotakis noted that there is no reason to sell the port of Alexandroupolis to a foreign investor at this point. . The relevant paragraph is as follows:

Nikos Hatzinikolaou: However, I keep hearing Turkey announcing investigations into hydrocarbons. Are we doing anything, Mr. President?

Kyriakos Mitsotakis: Maybe this time we will be surprised. We can tell you that seismic surveys to explore natural gas deposits will begin immediately. If I say immediately, in the next few days, from Exxon Mobil in two plots located in the southwest of Peloponnese and Crete. Our country – as I have said many times – regardless of its commitment to a rapid green transition, should now examine the possibility of extracting natural gas, which would contribute not only to our energy security, but also to Europe’s energy security.

Therefore, these investigations will be initiated by ExxonMobil in the coming days.

Nikos Hatzinikolaou: Immediately, now? Kyriakos Mitsotakis: In the next few days.

DVoyage to America and Hydrocarbon Research

In February 2022, the responsible state company EDEY SA launched an ambitious plan to attract major international investors to increase its hydrocarbon exploration and production program. In early March, the largest seismic survey in the last decade was successfully completed by ELPE in the central and southern Ionian Sea. At the same time, as strict safety and environmental protection standards are applied, successful completion of investigations is even more important.

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Following this, in early April, the Prime Minister of Greece issued an order to speed up the work by designating projects related to public support as projects of national importance. In fact, a clear timetable was announced for monitoring the progress of projects.

After the prime minister’s major US visit in May 2022, EDEY traveled to the US to present its new strategy called Hydrocarbons 2.0. In the context of the company’s new strategy, compatibility with the energy transition and Greece’s role in strengthening regional and potential European energy security are highlighted.

The positive reception of the Greek strategy was confirmed by the strong confidence of investors in Crete’s concessions, with ExxonMobil almost doubling its participation at the end of July and simultaneously taking over the management of the concessions.

3 months later at the beginning of November, a seismic survey program was launched in the west and southwest of Crete, but in the southwest of the Peloponnese, on the border of the Greek EEZ with Italy, Greece will for the first time carry out parallel surveys on the northwest and our southwest border.

The response and speed of ExxonMobil’s response fills confidence in the final outcome and confirms the strategic importance of the research area.

Seismic data acquisition (2D) in the western and southwestern blocks of Crete, data processing to visualize subsurface geological structures will be performed within the next 6 months. After interpretation of seismic data collected and processed in conjunction with existing geologic models and other available scientific data, the following are: (a) selection and prioritization of targets for exploratory drilling, (b) drafting of environmental impact studies for exploratory drilling and (c) initiation of the tender process for conducting exploratory drilling. Our goal is to make a drilling decision in 2024 and conduct the first exploratory well in 2025.

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End of the port of Alexandroupoli

In his interview, the Prime Minister mentioned the cancellation of the sale of the port of Alexandroupolis:

Nikos Hatzinikolaou: Alexandroupoli. This bothers Turkey a lot. I read in the “News” today that port sales are cancelled. why; its true;

Kyriakos Mitsotakis: First, this information is accurate. At the present time the government has decided that Alexandroupoli is of great strategic, geopolitical and energy importance for our country and that it should be in the ownership of the Greek state and especially of TAIPED, which has the potential to develop and use the port. to its full potential.

As there is currently no reason to sell the port of Alexandroupolis to a foreign investor, I don’t think I need to expand further.

For maritime zones with Libya

“We want to create an opening in Libya so that we can finally define maritime zones with Libya,” the Prime Minister said.Because Greece and Libya have opposite coasts. Libya is our natural interlocutor. We can explore the possibility of jointly exploiting the hydrocarbons located in the area between Greece and Libya.

But it presupposes a definitive agreement, in its ultimate delimitation.