EDEY planning new seismic surveys, reinterpretation of older data

EDEY, the Greek Hydrocarbon Management Company, is considering to conduct seismic surveys in three regions, two of these for a second time as a result of the need to clarify  findings of previous efforts.

The company deems that new scans are required for areas south of Corfu and south of Crete as the results of the respective initial surveys conducted by Norwegian company PGS require greater detail.

According to the hydrocarbon company’s new chairman Yiannis Basias, a 3D scan could also be conducted in an area between Crete and the Peloponnese. PGS had not conducted a survey here.

EDEY hopes these initiatives will attract investors for exploration as was the case three years ago when Italy’s Enel had expressed an interest to explore and exploit three offshore blocks in western Greece before stepping back.

Despite providing an incentive for local authorities to stage international tenders, Enel ended up not submitting any bids as a result of a series of factors, including bureaucratic delays and the drop in international oil prices.

Even so, the EDEY chief believes that the Italian company’s retreat should not discourage further efforts. Basias noted that sufficient investor interest could soon be generated to warrant a return of seismic survey vessels within the next 6 to 12 months.

“We are more mature now, have learnt from our mistakes and omissions and know precisely why companies did not take part in the previous tenders,” noted Basias.

The recent discovery, by ENI, of the Zohr field, a giant gas deposit in Egyptian waters, is proving to be a game changer that is encouraging reinterpretaions of older surveys in the wider region.