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Energean Oil & Gas begins new drilling in Prinos oil field

2013-07-11
Energean Oil & Gas begins its new drilling programme on Wednesday in the sea region of Kavala Gulf, putting in operation its GSP Fortuna drilling rig in the Prinos oil field, in northern Greece.

Mathios Rigas, chairman and chief executive of Energean Oil & Gas, told ANA-MPA that a new investment programme to be launched is budgeted at 60 million US dollars.

"Our target with four new drillings is to double our daily production in the existing oil field. It is in our favour that international oil prices are currently above 100 dollars per barrel. We are currently producing 1,600-1,800 barrels per day and we hope to double this quantity by the end of the year," he said.

He said that land exploration works in the Ioannina region - where Energean Oil & Gas has formed a joint venture with Petra Petroleum to begin hydrocarbon explorations - would face great difficulties because of the terrain but that the possibility of finding natural gas and oil reserves in the region are high.

"If we find something in Ioannina, it will be something very big, larger than Prinos. I do not want to talk numbers. But we are talking about a region of 4,000 sq.km., while the field in Prinos covers an area of 600 sq.km.," Rigas said.

The first phase of the investment in Ioannina will reach 10 million US dollars, with the possibility of reaching 50 million US dollars.