Production from the Prinos and Prinos North oil fields, offshore northeast Greece has exceeded 4000 b/d, a two fold increase compared to the 2000 b/d produced before the start of an ongoing investment program, according to operator Energean Oil & Gas.
Production has increased as a result of the successful completion of the drilling of wells PA-35A and PA -40 and the interventions conducted in already producing wells, the firm says.
PA-40 was the second of the 15 development wells planned by Energean to be drilled in Greece to develop the 30 MMbbl of 2P reserves in the Prinos, Epsilon and Prinos North oil fields in the Gulf of Kavala.
The well was drilled using the Energean Force, a tender assisted drilling barge owned and operated by Energean, which is now drilling well PA-36 in Prinos.
Energean continues its US$200 million investment program that involves drilling 15 development wells and the installation of a new unmanned platform to develop the Epsilon field, with a target to exceed 10,000 b/d by 2017.
Energean is also working on the interpretation of the new 3D seismic survey that was acquired in 2015 and this work has already identified new exploration prospects for drilling as well as improving the imaging of existing prospects.
This enlarged prospect portfolio is now being worked in detail and high graded prospects will be added to the drilling program. Furthermore, Energean is actively looking to apply EOR/IOR techniques to improve the recovery from the Prinos field that currently stands at 40% and has the potential to increase the recoverable resources of the company by c.60 MMbo.
Energean is actively exploring Western Greece. In the Katakolon offshore block, where oil and gas was discovered and tested in the 1980s, Energean is currently preparing a new development plan which will be submitted to the Greek State for approval.
Mathios Rigas Chairman & CEO stated: “We are continuing to invest despite the negative climate in the industry. Prinos is a 300 million bbls asset that still has a lot of potential as proven by the success of our first two wells. The fact that we control infrastructure that can handle up to 30,000 b/d and we own and operate the drilling rig and support equipment provides Energean a very low breakeven cost base and tremendous operating leverage.
"In addition, the new 3D we shot in 2015 has shown further potential that we will be exploring in the coming years. Greece, despite its financial difficulties, remains an unexplored country with significant hydrocarbon potential that Energean is committed to explore as the only producer of hydrocarbons in the country."
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