Energean targets 2023 start-up for Epsilon oil project offshore Greece

March 24, 2022
Energean has resumed work on the Epsilon oil development offshore western Greece.

Offshore staff

ATHENS, Greece – Energean has resumed work on the Epsilon oil development offshore western Greece, following signing of an EUR-100 million ($110-million) funding package.

The program includes completion of the Lamda platform, tieback to the Prinos complex and completion of three wells that were pre-drilled in 2019.

Fabrication of the jacket and piles is due to be completed this spring, after which the piles, pipeline and jacket will be installed. First oil from Epsilon, which has estimated 2P reserves and 2C resources of 53 MMboe, should flow during the first half of 2023.

Pre-FEED for the Prinos Carbon Capture and Storage project is also progressing well and should complete by mid-2022. Earlier this month Energean awarded Halliburton a service contract for a carbon storage subsurface study in Greece.

Prinos CCS is designed to provide long-term storage for carbon dioxide emissions captured from local and more remote emitters. Energean sees potential to sequester up to 100 MM metric tons (110 MM tons) of CO2, equivalent to up to 50% of total annual emissions from the Greek manufacturing sector over a period of 20 years.

Last year, the European Commission granted approval for the inclusion of the Greek CCS project within its Resilience and Recovery Fund. In H2 2021, Energean commenced pre-FEED for the Prinos CCS project.

Offshore Croatia, Energean is involved in the FEED for development of the 2.3-MMboe Irena gas field, located 5 km (3.1 mi) north of the Izabela field, targeting FID on the project in Q4 2022. If the development goes ahead, first gas could follow in Q4 2024.