ExxonMobil & HELLEniQ ENERGY JV Completes First Exploration Phase In Crete, Eyes Next Steps

Exxon Mobil Corporation XOM, along with its joint venture partner HELLEniQ ENERGY, has completed the first exploration phase at the offshore block “Southwest of Crete.”  

The Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA) disclosed that the joint venture has also decided to officially proceed with the second exploration phase.

The initial phase involved collecting 3,250 km of 2D seismic data and conducting geochemical analyses. The latter stage will span three years and focus on 3D seismic data collection and assessment.

Notably, in first-quarter 2024, ExxonMobil and HELLEniQ ENERGY, in collaboration with PGS, conducted preliminary 3D geophysical surveys to map the seabed and subsoil, and the data is currently under analysis.

HEREMA CEO, Aristofanis Stefatos, said, “We are very pleased with the fact that our investors continue their exploration activities in Greece, as their continuous presence verifies our estimates that the Greek subsurface could potentially hold significant natural gas deposits. And, in turn, these deposits can drive the country’s economic growth and enhance the energy security of the wider region.”

In another development, Exxon said it has executed the largest offshore carbon dioxide (CO2) storage lease in the U.S. with the Texas General Land Office.

The over 271,000-acre site complements the onshore CO2 storage portfolio under development.

Last week, the oil giant disclosed that changes in oil prices are expected to reduce third-quarter upstream earnings Q/Q by $(1.0) billion to $(0.6) billion.

Investors can gain exposure to XOM via EA Series Trust Strive U.S. Energy ETF DRLL and Westwood Salient Enhanced Energy Income ETF WEEI.

Price Action: XOM shares are up 0.19% at $122.32 premarket at the last check Thursday.

Photo: Del Henderson Jr. via Shutterstock

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