EDEY, Greek Hydrocarbon Management Company, is currently engaged in talks with Norwegian firm PGS for the latter to reprocess data it had collected though a seismic survey in 2012 in the Ionian Sea as well as south and east of Crete. EDEY wants to examine whether this data may be utilized by prospective hydrocarbon exploration investors.

According to energypress sources, the older data needs to be reprocessed as a result of the discovery of Zohr, an enormous natural gas field off the Egyptian coast, a development that has revised and widened the regional strategies of hydrocarbon exploration firms.

EDEY is already looking into updating its software so as to be adequately equipped for the data reprocessing effort. Hydrocarbon exploration firms will be offered access to the company’s new information system.

Since the appointment of a new chairman, Yiannis Basias, EDEY has recruited a team of highly qualified officials covering fields such as law, engineering, geology and economics.

The EDEY board is keen to lift any exisiting bureaucratic obstacles and accelerate the finalization of pending licensing agreements with preferred bidders for five blocks – three onshore and two offshore – which would boost the company’s revenue and support its ability to perform tasks.