New seismic surveys planned for launch in December

EDEY, the Greek Hydrocarbon Management Company, plans to stage new seismic surveys later this year at an area covering 46,000 square meters south of Crete. This offshore area had been scanned in 2013 by PGS from north to south but will now be looked at from east to west.

The hydrocarbon company is also moving to conduct more detailed surveys in areas west of Crete and south of the Peloponnese covering 11,000 square meters, while PGS will apply new techniques to soon reprocess older data gathered from the Ionian Sea in an area covering 26,000 square meters.

The news concerning these three initiatives, highlighting EDEY’s intention to intensify local hydrocarbon sector efforts, is expected to be announced today in specialized international industry media to promote the prospect of new sesismic data sale purchases by international oil companies.

Seismic package preorders could cover the cost of the new PGS services to be offered to EDEY and, depending on the level of investor interest, could also generate revenues for the Greek hydrocarbon company.

If all goes well, a PGS vessel will conduct its survey work over a two-month period in December and January, considered ideal as demand for seismic survey work at this time of the year is low, especially in areas west of Africa, meaning the PGS services should be provided at a lower cost.

Besides the new seismic survey work, proceedings are already underway for a new tender to offer licenses south of Crete as a result of interest expressed by a consortium comprised of ELPE (Hellenic Petroleum), US giant ExxonMobil and France’s Total.

According to sources, the related text for the international tender’s announcement has already been delivered to the European Commission for publication in the Official Journal of the European Union.