On June 27, Greece granted licenses to ExxonMobil as well as Total to search for hydrocarbons off the island of Crete. This move marks the country’s first major attempt into an oil and gas search in the area.
As Reuters reported, the companies have an eight-year research and exploitation license in two offshore blocks, located south and south-west of Crete.
Speaking on this development, Greek Prime Minister Alexis Tsipras expects that within two four years the country expects to have a clear view of what and what kind of reserves are there.
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Currently, Greece has several smaller-scale concessions off its western coast. However, the Crete concessions amounts to 40,000 square kilometers of unexplored territory.
What is more, the country wants to mimic the success of countries like Israel and Cyprus in exploring for offshore reserves in the last ten years.
Mr. Tsipras added that this agreement is indicative of Greece’s attempts to leverage its own exclusive economic zone.
What is more, past surveys have shown that the unexplored area off Crete has a promising geology, which should be surveyed to confirm any deposits presence.
