Epsilon swells Greek offshore output

Offshore staff

ATHENS --- Aegean Energy has brought on stream Epsilon, the first new field to be developed offshore Greece in 14 years.

Epsilon is producing through the EA-H1 well, drilled by the jackup Ensco 85in the Prinos area, in the Kavala-Prinos basin. The well should deliver over 3,000 b/d of oil, lifting Aegean’s Greek offshore output to 5,000 b/d.

Aegean says EA-H1 was the most complex and longest well (5,500 m, or 16,404 ft) drilled on the Greek shelf to date. Drilling took three months to complete, and the well fulfilled its geological objectives within the scheduled time and budget.

The company estimates Epsilon’s reserves at over 30 MMbbl, and plans to drill more wells to optimize the development. Work on the PB-14C well will start shortly.

Aegean adds that in 2009, it invested $80 million in drilling in the Prinos area which has led to a five-fold increase in daily production.

01/19/2010