Helleniq Energy could start its first Greek offshore exploratory drilling for hydrocarbons in 2025, its chief executive said on April 28.
Greece has had indications of significant gas reserves of about 600 billion cubic meters. Last year Helleniq Energy, which holds licences to explore for oil and gas in four blocks in the Ionian Sea and off the island of Crete, concluded collection of seismic data in areas that potentially carry significant gas.
The company has begun evaluating the data and estimates that it could be in a position to decide on any exploratory drilling towards the end of 2024, CEO Andreas Shiamishis told an economic conference in Delphi. "Of course, any exploratory drilling, if it is natural gas ... can lead to production drilling quite fast," he said. "So I would see us being able to move ahead with drilling in 2025, under an optimistic scenario."
US Emergency Oil Reserves Fall to Lowest Level in 40 Years
2023-04-17 - U.S. Strategic Petroleum Reserve feel by by nearly 1.6 MMbbl the week of April 10, Department of Energy data shows.
What's Affecting Oil Prices This Week? (April 24, 2023)
2023-04-24 - The price of Brent crude ended the week at $81.58 and the price of WTI ended the week at $77.87.
Oil Gains After IEA Sees Demand Rising to Record High
2023-04-14 - The IEA said world oil demand is set to grow by 2 MMbbl/d in 2023 to a record 101.9 MMbbl/d, driven in most part by stronger Chinese consumption after the lifting of COVID restrictions.
What's Affecting Oil Prices This Week? (March 27, 2023)
2023-03-27 - While still facing some headwinds, Brent crude prices have recovered a portion of the significant downturn that occurred last week, ending the week at $74.99 after closing the previous week at $72.97.
What's Affecting Oil Prices This Week? (April 3, 2023)
2023-04-03 - On April 2, OPEC+ announced production cuts of 1.16 MMbbl/d beginning in May, in line with last week’s assessment that it would take unexpected good news like a production cut from OPEC+ to push the price of Brent above $80 and WTI above $75.