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The first solid data from seismic research conducted in the Ionian Sea and the sea region west-southwest of Crete will be available by the end of 2023 and this data will be the basis on which a decision on whether to carry out exploratory drilling will be made, hydrocarbon industry sources said on Monday.
The geological region that stretches to the North from the Adriatic in the area of Italy and Croatia and descends to the Ionian Sea and Western Greece to the South has yielded discoveries of oil and natural gas deposits.
Exploration by major oil companies is ongoing, while Croatia, Montenegro and Albania have stepped up their efforts with rounds of concessions.