Energean acquires rig for offshore Greece well campaign

Energean Oil & Gas has initiated a $225-million program designed to develop 30 MMbbl of reserves offshore northwest Greece.

Offshore staff

ATHENS, GreeceEnergean Oil & Gas has initiated a $225-million program designed to develop 30 MMbbl of reserves offshore northwest Greece and to increase production from the Prinos, Prinos North, and Epsilon fields to 10,000 b/d by 2016.

The company plans to drill 15 wells and install two new unmanned platforms for the Prinos North and Epsilon fields, which will be tied back to existing infrastructure.

In addition, Energean has purchased the tender-assist drilling rigGlen Esk from KCA Deutag and will use its own crews to drill the wells, with a view to reduce drilling costs and improve operational flexibility.

The new rig, to be re-namedEnergean Force, is expected to start drilling offshore Greece in early December.

Mathios Rigas, chairman and CEO of Energean Oil & Gas, said: “Energean has invested more than $250 million since 2007 and managed to keep Greece on the global map of hydrocarbon producing countries. Prinos, the only proven and producing oil field in Greece, has already produced 115 MMbbl, even though reserves were initially estimated at 60 MMbbl.

“Now Prinos is entering a new era, as Energean investments and scientific surveys have proven that there is significant scope for extracting additional production through the drilling of new wells and through the extended use of enhanced oil recovery techniques…”

09/02/2014

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