The decision by the ExxonMobil consortium is considered final - Helleniq Energy to return the“West of Crete”block to the State, which will likely be put up for tender again, as reported by the Ministry of Environment and Energy, confirming the relevant report by euro2day.gr.
In a statement responding to PASOK, which is calling on the government to clarify the status of the hydrocarbons program, the Ministry of Environment and Energy explains that the ExxonMobil-Helleniq Energy consortium has shifted its focus to other blocks.
“Regarding the block west of Crete, the ExxonMobil-Helleniq Energy consortium completed the 2D seismic surveys in the area and, before the available time for a decision expired, they promptly informed the Hellenic Hydrocarbon and Energy Resources Management Company (EDEYEP) that they would not proceed to the next phase of exploration. It should be noted that entering the next phase would require a very significant expenditure for the execution of three-dimensional (3D) seismic surveys before the consortium could make a decision on drilling,” the statement notes.
Consequently, the Ministry of Environment and Energy’s announcement continues, the consortium partners chose, instead of spending on new seismic surveys west of Crete and waiting an additional 2 to 3 years before being able to decide on potential drilling, to proceed immediately with drilling in the Northwest Ionian Sea, specifically in Block 2.
Hellenic Energy included the news of the decision not to proceed with exploration in the “Western Crete” block in its recent presentation of first-quarter results.
“The West Crete block will not be pursued further (i.e., developed), as the focus is now on the Ionian Sea and new blocks,” the company stated, officially announcing the decision to return the block to EDEYEP.
This development had been expected for some time, as ExxonMobil never conducted high-resolution 3D seismic surveys in this specific block, part of which is located in deep water, is technically complex, and less promising compared to its neighbor, the “Southwest of Crete” block, which has also been awarded to the consortium.
In practice, this means that following the expiration of the second consecutive extension (which ended on April 6, 2026) granted to the consortium for the first phase of exploration, this specific plot returns to the State
This, in turn, paves the way for the State to redraw the block and, after first announcing a tender for new seismic surveys, to re-launch it on its own or, most likely, together with other blocks that had not attracted interest in the past. The redrawing scenario is linked to the fact that part of it may be of particular interest, and because it involves deep waters, any interest will likely come from a major player.