EDEYEP

Top energy sector officials taking part at Power & Gas Forum, March 22-23

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The government’s top-ranked energy sector officials as well as a host of other leading figures from political, institutional, academic and business domains will be talking part in the Power & Gas Forum on March 22 and 23 at the Wyndham Grand Athens Hotel, an event being staged by energypress for a fourth time. Conference speakers and attendees will participate in person.

Speakers at the event will include Greek energy minister Kostas Skrekas; the energy ministry’s secretary-general Alexandra Sdoukou; secretary-general of transport at the ministry of infrastructure and transport Ioannis Xifaras; RAE (Regulatory Authority for Energy) president Athanasios Dagoumas; EFET’s (European Federation of Energy Traders) Jerome Le Page; Tomás Llobet of European Energy Retailers (EER); two former Greek energy ministers, Giannis Maniatis and Giorgos Stathakis; Sokratis Famellos, a member of the main opposition leftist Syriza party; and Haris Doukas of the PASOK-KINAL socialist party.

Other conference participants will include power grid operator IPTO’s chief executive officer Manos Manousakis and his deputy Giannis Margaris; gas grid operator DESFA’s chief executive Maria Rita Galli; RES market operator DAPEEP’s president and CEO Giannis Giarentis; distribution network operator DEDDIE/HEDNO’s chief executive Anastasios Manos; EDEYEP (Hellenic Hydrocarbons and Energy Resources Management Company) president Aristofanis Stefatos; the Hellenic Energy Exchange’s newly appointed CEO Alexandros Papageorgiou; EDA THESS general manager and EDA ATTIKI CEO Leonidas Bakouras; the Greek prime minister’s special adviser for energy Nikos Tsafos; energy ministry adviser Theodoros Tsakiris; and energy markets guru Alex Papalexopoulos.

The academic community will be represented by professors Pantelis Kapros, Stavros Papathanasiou, Pantelis Biskas, Nikolaos Hatziargyriou and Antonis Metaxas.

As always, energy-sector authorities will also participate at the event. They include Loukas Dimitriou (ESAI/HAIPP – Hellenic Association of Independent Power Producers); Antonis Kontoleon (EVIKEN – Association of Industrial Energy Consumers); Giannis Mitropoulos and Miltos Aslanoglou (ESPEN – Greek Energy Suppliers Association); Irodotos Antonopoulos (ESEPIE – Hellenic Association of Electricity Trading & Supply Companies); Panagiotis Lostarakos and Panagiotis Papastamatiou (ELETAEN – Greek Wind Energy Association); Stelios Loumakis (SPEF – Hellenic Association of Photovoltaic Energy Producers); and Stelios Psomas (SEF/HELAPCO – Hellenic Association of Photovoltaic Companies).

Key sector entrpreneurs and executives who have so far confirmed their participation include: Ioannis Kalafatas (Mytilineos); Kyriakos Kofinas (PPC); Nikolaos Zahariadis (Elpedison); Anastasios Lostarakos (NRG); Dinos Nikolaou (Energean); Kostis Sifnaios (Gastrade); Nikolaos Satras (Dioryga Gas); Panos Nikou (Volterra); and Ioannis Kokkotos (ABB).

The forum’s full agenda will be finalized and announced in the coming days.

ExxonMobil-Helleniq Energy offshore Crete surveys done

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Norwegian geophysical company PGS has completed 2D seismic survey work west and southwest of Crete on behalf of the ExxonMobil-Helleniq Energy consortium, holding licenses for blocks in the two areas.

Results offering a picture on the hydrocarbon prospects at these offshore Cretan areas are expected to be ready in approximately one years’ time, sources informed.

PGS’ Sanco Swift vessel spent nearly three-and-a-half months conducting seismic surveys at the two offshore blocks, measuring a total of 40,000 square kilometers, to collect data that will now be examined at the company’s specialized labs.

According to sources, PGS collected more than double the required seismic survey data for the ExxonMobil-Helleniq Energy consortium following an agreement with EDEYEP, the Hellenic Hydrocarbons and Energy Resources Management Company.

The PGS vessel scanned 13,000 square kilometers of offshore territory, double the 6,500 square meters specified in the consortium’s license (3,250 square meters for each block).

Ensuing and more detailed 3D scans by the ExxonMobil-Helleniq Energy consortium at these blocks has not been ruled out, sourced noted. If so, this follow-up effort would take place during the final two months of 2023 or early in 2024, the sources added.

However, ExxonMobil, the consortium’s chief partner, is most likely to skip this stage and move straight on to drilling if the 2D seismic results are favorable.

 

Crete hydrocarbon hopes lifted by initial seismic survey results

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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.

 

Crete’s Hydrocarbon Potential to be Unveiled by the End of 2023⏐Upstream Development Programme in Full Swing⏐HEREMA’s Role in the Advancement of Offshore Windfarms

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Greece’s upstream exploration programme offshore Crete is proceeding without delays, with a first assessment of the two concessions’ natural gas potential expected by the end of 2023. This was the message delivered by the CEO of the Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA), Aris Stefatos, during a press conference held alongside the company’s Chairman Rikard Scoufias. 

Following the withdrawal of TotalEnergies earlier this year from the blocks dubbed “West of Crete” and “Southwest of Crete”, U.S. energy giant ExxonMobil significantly upped its stake in both concessions, raising this from 40% to 70% for E&P activities, while also assuming the operatorship. Likewise, Greece-based Hellenic Petroleum increased its participation in both areas from 20% to 30%.

ExxonMobil has prepared an upgraded work programme for the first phase of upstream exploration activities – anticipating faster and higher quality results – with delivery expected within a 2-year period instead of the 3 years companies have at their disposal for said exploration stage.

According to Stefatos, any delays in the Cretan concessions can be attributed to the fact that the previous operator did not complete the minimum work programme within the stipulated three-year term. He added that HEREMA’s exploration program is well underway, in accordance with the company’s underlying strategy “Hydrocarbons 2.0”, underpinned by three pillars:

  • Accelerating the development of Greece’s upstream sector with a particular focus on natural gas.
  • Expanding the scope of HEREMA to new energy technologies that can support Greece’s country’s energy transition.
  • Strengthening governance and ensuring HEREMA has the capacity and resources to meet all aspects of its mandate.

Regarding the first pillar, in February 2022 the leadership of HEREMA launched an ambitious investor outreach programme targeting energy majors.  The company’s management noted that the results so far have being particularly encouraging.

Discussions are ongoing with companies that have expressed an interest in entering the Greek upstream sector, with priority being placed on concessions where there is a single investor. While Mr. Stefatos confirmed that another licensing round is not off the table, he stressed the importance of drawing in investors to pre-existing concessions.

HEREMA is also set to play a key role in the development of offshore wind parks in Greek seas, in accordance with its legally expanded work scope, leveraging upon the company’s wealth of expertise in offshore operations. It’s important to underline that offshore oil and gas installations boast strong similarities to the platforms used in offshore wind installations. To this end, the company is being strengthened with specialized technical personnel and the relevant logistical infrastructure to enable it to deliver upon its expanded remit.

HEREMA has been carrying out one-to-one discussions with interested parties, including potential domestic and foreign investors, in an effort to understand their concerns and priorities – deemed key for the development of Greece’s newly-established offshore wind sector. Last but not least, HEREMA recently inked a memorandum of cooperation with the Hellenic Centre for Marine Research (HCMR) focused on technical and environmental synergies.

Within the scope of new energy technologies, HEREMA’s expanded work scope additionally includes the licensing of carbon capture and storage (CCS) and underground gas storage (UGS) projects in Greece. Such projects could focus on the storage of natural gas and hydrogen in the future.  

Imminent key challenges 

While assessing key challenges moving forward, HEREMA’s Board of Directors underlined the importance of maintaining the momentum built during the last 12 months, while ensuring the company is provided with the necessary administrative and financial resources. Strengthening HEREMA’s capacity and resources is a primary challenge and will become even more critical as the company assumes its broader remit including natural gas storage, CO2 and greenhouse gas management, and supporting the offshore wind sector. It is noted that draft legislation for the modernization of HEREMA has been ready for adoption since January 2021 and will contribute to the creation of a more modern and efficient administrative framework.

More specifically, the board concludes “This is an important factor in maintaining investor confidence, but most importantly it serves to build an organisation with the staff, resources, and expertise required to manage a Greek “Hydrocarbons 2.0” programme that should only be initiated once the financial and human resources are in place to monitor and enforce the strictest standards for environmental protection and socio-economic impact management.”