A decision by the three-member consortium comprising Total, ExxonMobil and Hellenic Petroleum (ELPE) to conduct seismic surveys at two offshore blocks south and west of Crete in the winter of 2021-2022, instead of this winter, highlights the upstream market’s negative climate, both in Greece and internationally.
Upstream players, drastically cutting down on investments costs amid the crisis, have cancelled scores of investment plans, especially those concerning the development of new fields.
Based on the terms of its contract, the Total-ExxonMobil-ELPE consortium also had the opportunity to conduct seismic surveys at its Cretan offshore blocks this winter.
It should be pointed out that the consortium has yet to receive environmental approval for these blocks. Nor have these slots been included in an annual workplan delivered by EDEY, the Greek Hydrocarbon Management Company.
Even so, Total, ExxonMobil and ELPE do not appear prepared, under the current conditions, to increase their investment risk in the region.