LNG

Energean plc, the London-listed natural gas focused company with growing East Mediterranean assets offshore Israel, Egypt, Greece and Italy reported a more than 48 percent increase in revenues and swung to a net profit in 2022.

The Greek Government agency, Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA), said seismic surveys had been successfully completed in the offshore areas to the West and Southwest of the Mediterranean island of Crete in the prolific East Med Basin where pipeline gas and LNG feed-gas projects are being developed.

HEREMA said the surveys were carried out by the leading global seismic acquisition and processing company, Petroleum Geo-Services PGS, headquartered in Norway.

Analysts said that this was the most intensive search launched by the Greeks in their Exclusive Economic Zone for natural gas discoveries such as those made by other nations in the region like Egypt and Israel. Lebanon has also launched an exploration campaign and Cyprus already has the Aphrodite gas field in its waters.

The Greek surveys were carried out on behalf of the exploration and production licence holders for the area West and South of Crete, US major ExxonMobil Corp. and Helleniq Energy, a leading refining, supply and trading company in Southeast Europe.

“From their initiation on November 10th 2022, up until their completion, subsurface imaging geophysical surveys for the exploration of potential natural gas deposits were conducted at an intensive pace, far exceeding the minimum contractual obligations,” said HEREMA.

Huge area covered

“A total of 12,278 kilometres of seismic data were collected against the minimum contractual obligation of 6,500km for the two blocks combined,” the state agency added.

“The surveys increased the density of the seismic coverage in the areas within the West and Southwest of Crete concessions, offering for the first time seismic imaging and information over unexplored areas within the Greek EEZ,” declared HEREMA.

Participants emphasized that the surveys lasted a little over three months and adhered to the strictest standards and safety measures for the protection of the environment and marine life.

“As the competent authority that manages the concession rights on behalf of the Greek State, we are deeply satisfied with our excellent cooperation with our investors, who increased their investments and completed the exploration program at a rapid pace,” said HEREMA’s Chief Executive Aristofanis Stefatos.

“This will be followed by data processing, interpretation, and evaluation in order to make decisions about entering the next exploration phase,” added Stefatos.

HEREMA’s Chairman Rikard Scoufias welcomed the completion of the surveys that covered large areas of East Med waters in the Greek economic zone for the first time.

“This is a Greek achievement of global magnitude and comes at a very important moment for Europe,” said Scoufias.

Hopeful

“We have an unprecedented opportunity to monetize Greece’s natural gas resources in a way that can not only bring economic and strategic benefits but also support the bigger objective to accelerate the transition,” added Scoufias.

“Our focus will now be on further building the resources and collaborations, at all levels, to ensure we maintain this historic momentum,” stated the HEREMA Chairman.

In less than two years Greece has now conducted seismic surveys in five areas as opposed to just two areas from 2011 to 2020.

“We need to discover if a new potential source of wealth exists in the subsurface of our country that can be monetized for the benefit of Greek society,” commented Greece’s Minister of Environment and Energy, Kostas Skrekas on the HEREMA-led survey campaign.

UK major BP more than doubled annual profits, though was hit by slowing natural gas prices during the fourth quarter and expected a flat 2023 with among the main highlights being the start-up of two LNG projects in West Africa and Indonesia.

Italian energy company Eni said the final agreement has been finalized that settled the dispute over operations at the Egyptian Damietta LNG export plant near Alexandria and the facility has been ramped up and cargoes are flowing.

The OPEC of natural gas, the GECF, held a meeting in Doha in Qatar to launch its annual outlook as the Qataris pledged to advance with their liquefied natural expansion plans and said the global buildout of renewable energy ventures would complement LNG as an alternative to coal.