EDEY presents new hydrocarbon objectives at Texas event

EDEY, the Greek Hydrocarbon Management Company, plans to promote seismic surveys covering 83,000 square meters, the company’s recently appointed new chairman Yiannis Basias informed an industry event staged in Texas yesterday. Greek market opportunities were highlighted to investors.

EDEY officials presented three new seismic survey projects to be promoted by the hydrocarbon company.

Complementary 3D scans covering 26,000 square meters along Corfu’s southwest, west and northwest, are included in the EDEY plan.

It also features complementary 3D scans for an 11,000 square-meter offshore expanse stretching from a region south of Mani, past Kythira, and all the way down to western Crete.

Another prospective seismic survey covering 46,000 square meters is planned for an offshore area south of Crete.

The objective of the hydrocarbon company is to make the most of a current favorable investment climate, internationally, for the wider east Mediterranean region. EDEY wants to promote investments in regions that had been largely neglected in the past as a result of high extraction costs.

These costs have fallen in more recent times as a result of technological advancements in exploration activity. Also, oil prices are managing to hold – marginally – at levels offering sustainability.

The EDEY chief highlighted that 17 of 20 Greek offshore blocks offered through an international tender back in 2014 remain available to investors.

Of the 17 available blocks, it is believed that ten possess great potential to attract investor interest.

Besides the aforementioned areas, EDEY is also working on promoting exploration in the wider Macedonia region of northern Greece. Considerable survey data has already been accumulated for the area.

Areas for prospective exploration in Greece’s north include the Thermaic Gulf and the sea region west and east of Prinos. Onshore areas in Thrace, northeastern Greece, are also being considered.

The new EDEY leadership has expressed satisfaction over the energy ministry’s favorable response to its renewed exploration drive as well as a proposal by the hydrocarbon company for new legislation leading to revised exploration contracts.


EDEY expects developments concerning its seismic survey plans over the next two to three months.