Energean contracts jackup for Greek field overhauls

GSP Offshore has delivered the jackup GSP Saturn to Energean Oil & Gas (formerly Aegean Energy) for a drilling and intervention program offshore Greece.

Offshore staff

CONSTANTA, Romania -- GSP Offshore has delivered the jackup GSP Saturn to Energean Oil & Gas (formerly Aegean Energy) for a drilling and intervention program offshore Greece.

Energean operates the Prinos and South Kavala area developments, where it holds a 100% interest.

The rig, which was transported from Tuzla, Turkey, is due to start its program on the Prinos oil field, drilling the PA-35 well from Platform A. This well should take 35 days to drill, following which the well will perform interventions in the Epsilon oilfield designed to optimize and increase production.

Energean aims to push output to 5,000 b/d of oil after completion of this work. It currently expects to produce 1 MMbbl of oil in 2010, and is aiming for a 50% increase in 2011.

GSP Saturn also will perform offshore drilling services in the South Kavala gas field, which Energean plans to convert to Greece’s first natural gas storage facility.

Total cost of the drilling operations will be around $20 million.

12/06/2010

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