Greece attracts three bids for seismic data surveys in the Ionian Sea and South of Crete

The deadline for bid submissions expired on 9 November 2026, according to an announcement by the Ministry of Environment and Energy. The Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA) is expected to establish a committee to evaluate the proposals.

The process began on 28 January 2026, when PGS Exploration (UK) Ltd. submitted an application for a permit to acquire and process non-exclusive seismic data.

This was followed by HEREMA’s international public invitation on 6 May 2026, the relevant ministerial decision in June, and publication in the Official Journal of the European Union on 11 August 2026, which marked the beginning of the 90-day deadline for submitting bids.

Eight Offshore Areas in Focus

The tender concerns the granting of licences for the acquisition and processing of non-exclusive seismic data in offshore areas of Western and Southern Greece.

The geographical scope covers eight offshore areas, including South of Crete 1, South of Crete 2 and Southwest of Crete.

Interested companies are able to submit proposals covering all or part of the designated areas, with programmes involving either two-dimensional (2D) or three-dimensional (3D) seismic surveys.

The process does not involve the award of hydrocarbon exploration or exploitation rights. Instead, it concerns the generation of geophysical data that can subsequently be made available to multiple interested investors.

Under this business model, specialised companies undertake the acquisition, processing and commercial distribution of seismic data, enabling energy companies to access information about the subsurface without having to finance an independent seismic survey programme in its entirety.

The generation of new data is considered important both for areas where exploration rights have already been awarded and for those that remain available for future licensing rounds.

From the 2012 Surveys to a New Mapping Campaign

The systematic mapping of Greece’s offshore areas began more than a decade ago. In 2012, an extensive 2D seismic survey programme was carried out in the Ionian Sea and south of Crete, with the aim of establishing a geophysical data base to attract international oil companies.

The results were subsequently used to prepare further licensing rounds and assess the country’s geological potential. Additional concessions and exploration programmes followed in selected offshore areas, involving the participation of international energy groups.

The new process aims to expand the available geological information through the use of modern data acquisition and processing technologies.

Unlike exploration activities conducted under specific concession agreements, non-exclusive seismic data can be used by multiple companies, broadening access to Greece’s hydrocarbon exploration market.

The Financial Framework of the Surveys

The financial model for non-exclusive seismic data differs from that of conventional geophysical survey contracts. Companies awarded the relevant licences can develop data acquisition and processing programmes and subsequently market the results to interested energy companies.

The commercial value of the data depends on the geographical scope of the surveys, the quality of the imaging, the geological potential of the areas and demand from prospective investors.

This approach can reduce the initial cost of geological assessment for oil companies, although it does not replace the investment required for exploratory drilling.

To date, neither the financial value of the three bids nor the total investment required for the proposed programmes has been disclosed.

Evaluation of the Three Bids

Following the expiry of the submission deadline, HEREMA will establish an Evaluation Committee through a decision of its Board of Directors. The committee will be responsible for opening and examining the bids against the technical and financial criteria set out in the tender documents.

HEREMA will subsequently submit its recommendation to the Ministry of Environment and Energy.

The tender provides for the possibility of granting one or more licences, depending on the evaluation of the submitted proposals.

The names of the companies participating in the tender have not yet been announced. Nor has it been clarified whether the three bids cover different geographical areas or represent competing proposals for the same locations. Furthermore, no specific timetable has been made public for the commencement of the new seismic acquisition programmes.

Minister of Environment and Energy Stavros Papastavrou described the participation of three international companies as a sign of confidence in the country’s prospects, noting that interest in Greece’s hydrocarbon sector extends beyond the oil groups already operating in the country.

For his part, HEREMA Chief Executive Officer Aristofanis Stefatos emphasised that the acquisition and processing of new data would contribute to establishing a more comprehensive geological information database covering both licensed and unlicensed offshore areas.

The completion of the tender represents another step in the assessment of Greece’s energy resources. Its investment significance will depend on the scope of the programmes ultimately approved, the quality of the data generated and the level of interest shown in subsequent exploration phases.