Block 1 is located in the north Ionian Sea. In the context of the 2nd International Licensing round offshore Western Greece and South of Crete, Hellenic Petroleum submitted an offer. The evaluation procedure by the committee is ongoing.
Founded in 1998, Hellenic Petroleum is one of the leading energy groups in South East Europe, with activities spanning across the energy value chain and presence in 6 countries. Its shares are primarily listed on the Athens Exchange with a secondary listing on the London Stock exchange.
The western part of the Block 1, which belongs to the pre-Apulian zone is covered by a network of legacy data and portions of new PGS lines whose total length is about 125km. The eastern part belongs to the Ionian zone and is covered by a very dense network of 2D seismic lines recorded in the early 80’s, belonging to different vintages with different acquisition parameters and processed to different stages. Since the block belongs to two geological zones, the geological studies should cover both all aspects of the limestone platform geology as well as the overtrust complex tectonic regime.
Some legacy seismic data (about 2.000km) were acquired in 1979-1980, using Maxipulse as energy source, which provides high frequency data in the shallow parts but not great penetration of energy into the deeper horizons. About 1.000km of seismic lines were recorded in 1982 using Airgun energy source that provided a more narrow frequency spectrum, but better penetration. Overall the quality of the seismic data is acceptable but cannot be compared to the far superior quality of the PGS data recorded in 2012.