Greek exploration firm Energean Oil & Gas is starting a €165 million investment program in Prinos, North Prinos and Epsilon in the Gulf of Kavala after acquiring the Energean Force drilling rig.
Energean said acquiring the Energean Force from KCA Deutag meant it could drill without worrying about rig availability in the Mediterranean.
Until recently, the rig was working in west Africa. The investment program will see Energean drill 15 new wells in the Gulf of Kavala.
The drilling program will start in December and the objective is to increase production levels by at least 5000bbl/d by 2016 average, compared to about 2000bbl/d during the current year.
Mathios Rigas said: "Having already invested over €180 million from 2007 onwards, having maintain the Greece map of oil-producing countries and having ensure employment and operation of facilities with absolute respect for the environment, Energean Oil & Gas launches a new investment program marks a new era for Prinos.”
Prinos, which is the only active and asserted deposit in our country, was initially evaluated at 60MMbbl and has already produced 115MMbbl, says Energean.