The ExxonMobil/HELLENiQ ENERGY consortium that conducts oil exploration in Greece, specifically in the maritime area southwest of Crete, has officially activated the second phase of exploration in the area.

More specifically, after informing the Hellenic Hydrocarbon Resources Management Company (HHRM) of the completion of the first phase, the American giant has submitted a request to initiate the second phase of the research, which will be critical for the final decision on whether to proceed with the drilling.

The first phase of the program, carried out by the international company PGS on behalf of ExxonMobil and HELLENiQ ENERGY, included acquiring and processing 3,250 kilometers of 2D seismic data and conducting geochemical research.

The next phase of research, which officially starts on Oct. 10, will last for three years and will involve the acquisition and processing of 3D seismic data.

It’s important to note that the ExxonMobil/HELLENiQ ENERGY consortium had already conducted preliminary 3D geophysical surveys in the area in early 2024, again in collaboration with PGS. These surveys focused on mapping the seabed and the uppermost layers of the subsurface. The collected geophysical data is currently being interpreted and evaluated.

HHRM CEO Aristofanis Stefatos commenting on these developments said that the consortium’s decision to officially activate the next phase of research in the ‘Southwest of Crete’ block comes a year after HELLENiQ ENERGY moved to the second phase of exploration in the ‘Ionian’ and ‘Block 10’ areas.

He further stressed, “The fact that investors active in Greece continue their research efforts without interruption is very encouraging. It confirms our belief that Greece has potentially significant natural gas reserves, which can drive the country’s economic growth and enhance the energy security of the wider region. We want to highlight the excellent cooperation with the investors who have already completed a significant portion of the second phase’s contractual obligations, moving faster than the timeline while strictly adhering to environmental and marine life protection measures.”

Apart from a turn to clean energy sources, oil exploration in Greece has also been one of the current government’s priorities as it is trying to position itself as a key actor in the Eastern Mediterranean basin amid rising tensions.