Energean Oil & Gas has received the green light from Greek authorities for the Kataloko field development plans (FDP) offshore Western Greece.
 |
|
Map of Katakolo, from Energean. |
Katakolo marks the third oil and gas field to be developed by Energean in Greece, and the first ever hydrocarbon production program in the west of the country.
Energean’s US$50 million development plan is targeting the 11 MMboe of recoverable oil that was discovered in the early 1980s by the state owned Public Petroleum Corp., which has remained undeveloped for decades.
Katakolo will be developed alongside its two other current development projects, the Prinos oil field, which is part of the Prinos Concession offshore North East Greece, and the 2.4 Tcf (2C) Karish and Tanin gas fields, offshore Israel, that also received FDP approval by the Israeli government in August 2017.
Energean will now move to begin the environmental and social impact assessment for Katakolo, which will be submitted for approval next year. Upon approval, the company says it intends to take a final investment decision (FID) on the project and drill the first wells in 2019, with first oil expected in 2020.
“Energean is now unlocking the value of this very important project for the country as well as revealing the potential for wider exploration of the East Adriatic region,” says Energean CEO Mathios Rigas. “Developing Katakolo is consistent with our strategy to maintain a balanced portfolio of producing and development assets, coupled with low-risk, high-impact exploration potential in the Eastern Mediterranean. We are adding further value for our shareholders through converting a discovered but stranded resource into a valuable commercial project.”
In November 2016, Energean secured the 25-year exploitation concession, which involves the development of the field through extended reach wells from an onshore location in the area.
Energean holds a 100% working interest and is the operator of the block.
Read more:
Karish, Tanin Israeli FPSO plan approved
Total JV, Energean get Greek go ahead
Subscribe
