Ocean Rig enters exploration arena

November 5, 2013

Ocean Rig and Energean Oil & Gas are to join forces in order to participate in new bid rounds for exploration and exploitation of hydrocarbons, in Greece and abroad, in more than 1000m deep water.

Energean said the companies had agreed to set up a joint venture called OceanEnergean, with each company holding 50% of the share capital.

Energean said the company's aim is to create an operator that will bid for new blocks in the Mediterranean, the Black Sea and Africa, as well as in Western Greece and Crete, when new bid rounds there open. 

OceanEnergean will draw on Energean's expertise in exploration, development and operation of oil and gas fields, and Ocean Rig’s international experience in deepwater drilling. 

George Economou, chairman & CEO of Ocean Rig UDW Inc. said: "Energean Oil & Gas has been selected as a key partner that will allow us to broaden our activities beyond drilling, in the exploration and production of hydrocarbons internationally.

"Energean Oil & Gas not only managed to revive the production in the Gulf of Kavala but also has a significant international presence in Egypt, while also being present in new areas such as Ioannina and Katakolon in Greece."

Mathios Rigas, chairman and CEO of Energean Oil & Gas, said: "Energean Oil & Gas remains committed to the creation and development of the first Greek E&P company with presence in the Greek and International hydrocarbons exploration and production sector.

"Through this new JV we aim to take the lead in the opening of the market in Greece, but will also bid for new areas for exploration and production internationally."



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