Hydrocarbons: Research at the “Ionio” and “Kyparissiakos” blocks enter next phase

Helleniq Energy’s research projects in the two marine blocks of the Ionian Sea are being accelerated.

According to information, the company that has leased the rights to research and exploit hydrocarbons in the concessions “Ionio” and “10 – Kyparissiakos Kolpos” is ready to move to the next stage of operations.

Drilling

Based on its contractual obligation, Helleniq Energy should proceed with the acquisition of 3D seismic data.

However, the concessionaire has already executed them at the end of last Autumn. So it brings the exploratory drilling phase closer.

The investment decision

As the CEO of Helleniq Energy, Mr. Andreas Siamisiis, recently announced, the group is expected to take the final investment decision for the two specific concessions towards the end of 2024.

It will have to process them on data collected by the special seismographic vessel from the two blocks of the Ionian Sea.

Crete

As for the other two promising offshore blocks of Crete, “West” and “Southwest”, the information says that the ExxonMobil and Helleniq Energy joint venture already has in its hands the first fast track results of the seismic surveys that were completed in early of 2023. They are waiting for the whole package of data in order to proceed with their interpretation and analysis and then to follow, within the next year, the making of the investment decision for drilling in the specific blocks.

Investors

At the same time, and as market sources report, Helleniq Energy is looking for a partner for the two marine concessions in the Ionian Sea. This move aims, on the one hand, to activate a more experienced player in the field of exploration and exploitation of natural gas fields and, on the other hand, to limit the financial burden required for drilling.

According to market sources, Energean is also looking for a partner for the onshore block of Ioannina.

Ioannina

This is the most mature concession out of a total of six in Greek territory. Based on the goal set by the Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA), the first exploratory drilling in the Epirus region is expected towards the end of the first half of 2024. However, Energean sets a series of conditions for the execution of the specific drilling operations. Such as the issuing of the environmental conditions, the preparation of the construction site in the area and of course the lease of the drilling rig.