Decisions are expected over the coming period by energy consortia over whether to proceed with exploratory drilling in five offshore blocks southwest of Crete and in the Ionian Sea, off the western coast of mainland Greece.
By all accounts, such drilling will focus on exploitable natural gas deposits in Greek waters.
According to a report in “To Vima”, ExxonMobil, HelleniQ Energy and Energean are in the “final stretch” of analysis of seismic research conducted in the five blocks.
First drilling off Crete expected in 2025
Market sources this month said the first drilling rid chartered by the ExxonMobil – HelleniQ Energy consortium will begin operations within 2025 southwest of Crete, marking the first such exploratory drilling in Greek waters in 20 years.
Similar decisions are pending by three energy groups over developing major offshore wind farms, following a national program announced by the state-run Hellenic Hydrocarbons and Energy Resources Management Co. (HEREMA S.A.) last October, a program that was greeted with very favorable reviews by investors at a handful of international forums, such as COP28 in Dubai.
HEREMA has staked off 25 maritime regions, exceeding 2,700 square kilometers, with the prospect of generating a minimum of 12.4 GW from offshore and floating units.
Latest News
BoG Figures Confirm Banner Year for Greek Tourism in 2023
20.6 billion euros in related revenues topped the previous year’s figure by 16.5%
Piraeus Bank to Propose First Dividend in 16 Years
Piraeus Bank has forecast profits of roughly 900 million euros this year, rising to one billion euros next year
Eurostat: Inflation in Greece Eases to 3.2% in April; 2.4% in Eurozone
The rate of increase for food prices was up by 4.9% in April 2024, compared to 4.8% in the previous month
ELSTAT Feb. Retail Turnover Drops by 3.8%, Sales Volume Plummets by 9.8%
Additionally, the seasonally adjusted General Volume Index for Feb. 2024 experienced a 3.8% decrease compared to the previous month of the same year
Greek Buyers Lead Return to Vacation Home Market
In the last six months, Greeks have made a surge into the vacation home market, notably without relying on loans
NBG Receives BBB Investment Grade by DBRS
This makes NBG the first Greek bank to regain Investment grade status, nearly 15 years after the onset of the Greek financial crisis
Greek Gov. Budget: Primary Surplus 3bln in Q1 2024
Value Added Tax (VAT) revenues reached 5.876 billion euros, down by 16 million euros compared to the target
Athens’ Public Transport System Gets Green “Facelift”
The future of urban transport in Greece's capital city includes electrification, hydrogen, kinetic energy and even heighted security and monitoring through the use of drones
Athens Int’l Airport: 16.2% EBITDA Increase and 16.5% Passenger Growth in Q1 2024
Following the strong performance in the first quarter, the company revised its annual passenger traffic forecast for 2024 to 29.9 million passengers, a 6.3% increase (or roughly 1.8 million passengers) from 2023 levels.
Oxford Economics Report: Greek Economy is Just Below Risk Zone
However, the report points to a persistent challenge in the form of commercial credit risk, which remains high at 8 out of 10, ranking Greece 104th internationally