Initial findings of ongoing seismic surveys conducted at licenses off Crete have raised hopes of significant hydrocarbon discoveries, government officials have told an event staged by EDEYEP, the Hellenic Hydrocarbons and Energy Resources Management Company.

If the upbeat prospects generated by emerging data are confirmed during drilling, then quantities to be extracted off Crete will cover Europe’s projected energy insufficiencies, government officials contended on the sidelines of the EDEYEP event, staged last night to mark its transition from EDEY, the Greek Hydrocarbon Management Company.

A recent report released by IEA, the International Energy Agency, notes Europe will face annual energy shortages of 30 billion cubic meters for ten years, even if renewables, biogas and hydrogen are brought in to replace Russian natural gas quantities.

Norwegian company PGS is currently conducting 2D surveys at offshore blocks west and southwest of Crete on behalf of ExxonMobil and Helleniq Energy, formerly ELPE.

Local authorities expect drilling at these licenses to commence in early 2025.

Domestic upstream activity has increased, EDEYEP president Rikard Skoufias told the company event, noting seven seismic surveys have been staged in Greece over an eight-month period compared to just two over the past decade.