Energy giant ExxonMobil was granted a 2-year extension by the Hellenic Hydrocarbons Resources Management S.A. (EDYE) regarding the First Phase of the Basic Stage of exploration in the “West of Crete” and “Southwest of Crete” plots in order to facilitate the completion of the works. The request and the corresponding decisions, which were issued yesterday, August 23, will on the one hand further push back the deadlines for hydrocarbon research in the promising maritime area of Crete, and on the other hand, -and this is the most important thing-, they reaffirm the interest of the American energy giant in this particular project.
This development puts to rest rumors that wanted the withdrawal of ExxonMobil from the Greek “plots”, after Total. On the contrary, as it appears from the correspondence with EDEY, ExxonMobil seems to be betting on these areas as it commits to quantitatively and qualitatively upgrade the work, with the aim of exploratory drilling by October 2024.
It should be recalled that the formal “succession” of TotalEnergies E&P Greece BV by Exxon Mobil and ELPE took place only in July this year. Specifically, the French group held 75% of the contracts for these two areas, of which 40% was transferred to ExxonMobil Exploration and Production Greece (Crete) BV and 25% to ELPE Dytika Crete S.A. and ELPE Southwest of Crete S.A., with the American giant of the international oil and gas market assuming the position of leader of the joint venture.