Energean Oil & Gas will drill as many as 25 wells and install two platforms as part of an investment program on the Prinos license offshore northeastern Greece. The $180-million investment will increase production from Prinos and Prinos North oil fields through 2021, as well as develop Epsilon oil field.
Energean announced the plan as an extension of the Prinos long-term offtake agreement with BP Oil International Ltd. through Nov. 1, 2025. The group’s Prinos basin oil production is currently sold to BP under the offtake agreement, which was originally signed in 2013 and covered the period until July 31, 2021. The 4-year extension will safeguard the group’s cash flow, Energean said.
The Energean Force offshore drilling rig will execute the proposed development wells, and the GSP Jupiter jack up rig will drill the first three Epsilon wells.
Energean also plans to develop its Katakolon field alongside the Prinos development. In September 2017, the operator said drilling and production would commence in 2019-20 pending government approval later this year (OGJ Online, Sept. 8, 2017).
