The Greece Reprocessing project consists of 13,000 km and is designed to provide seismic data coverage in areas with no existing data and improve coverage in areas of sparse 2D which will be key to regional geological evaluation. The 2D surveys will be processed separately but will tie where possible. The Ulysee survey, although only 7 lines and 1,333 km, is of good quality with 360 channels and 25 seconds record length, so we expect good quality results in both Time and Depth. For Medee and Prismed2 there are only 6 channels, so there will be limited moveout information, regional understanding and the existing velocity model will aid with the imaging and due to the surveys unique locations ION believe the data will still prove valuable.
Greece remains an under evaluated region in the East Mediterranean exploration hotspot. The Southern Greece area has thus far been underexplored, in September 2019 the blocks in SW Crete have been ratified and are awarded to a 3 party partnership. The blocks have an 8 year exploration period with potential 25 year production period. Greece is very attractive for investment both fiscally, with awards available out of round and in terms of access to market.
This new data set will aide to the regional understanding of the area that will help in determining the petroleum potential of the area.
Although in a complex geological area at convergent plate boundaries the current interest and investment in the area by IOCs will hopefully develop the area as a continuation of the success encountered within the Eastern Mediterranean.
The setting in offshore Greece is dominated by three major systems:
- The Hellenic Accretionary Prism which stretches from south of Kefalonia eastwards to Cyprus. This system represents the compressional deformation above the subducting Ionian/Herodotus oceanic plate and accretion of sediments onto the backstop of the overriding Aegean plate since the Paleogene. The system is still active at present times.
- The Aegean extensional province, which includes the area north of Crete and represents the back-arc extension caused by the subducting Ionian/Herodotus oceanic plate.
- To the West of Greece, north of Kefalonia is found the southern extension of the Apulian platform system which extends from onshore Italy and the Adriatic basin. This is a thick system of Mesozoic carbonates with compressional systems on both the northeastern and southwestern sides.
To date there has been little exploration for hydrocarbons within these provinces, most efforts have been in Italian waters and onshore with exploration successes in the offshore Ionian, southern Adriatic Aegean Extensional system and Sicilian channel predominately from the 1970’s-80’s, with additional oil discoveries within the Apulian platform in the 1990’s. Exploration of the Apulian platform and its marginal fold and thrust systems within Greek territory has so far been limited to the onshore and shallow water though significant potential remains in the deeper water sections of this terrain.
The Hellenic Accretionary prism and Aegean extensional terrains remains almost completely unexplored and are penetrated only by a series of DSDP and ODP wells. Targets in these areas will be either found within the deforming, young, accretionary prism system or structures beneath the accretionary system on the northern edge of the subducting African plate or the older sections of the Aegean backstop. Due to the complex nature of the deformation within the accretionary prism, imaging of deeper targets is challenging but due to continued success in the Easter Mediterranean of Mesozoic carbonate plays, charged either biogenically (e.g. Egypt) or thermogenically (e.g. Libya) the unexplored systems offshore Greece are highly attractive. This data aims to add to the understanding of the area and assist with understanding of the geology and petroleum environment.
- Reprocessing and reimaging of 3 vintage surveys
- Data not previously available to market
- Cost effective data with large geographic extent to aid regional evaluation