Energean considers improved recovery options for oil fields offshore Greece

Offshore staff

ATHENS, Greece – Production from the Prinos and Prinos North oil fields offshore northeast Greece has doubled to more than 4,000 b/d, according to operator Energean.

This follows drilling and completion of wells PA-35A and PA-40 and interventions conducted in producing wells.

PA-40 was the second of 15 planned wells to develop the 30 MMbbl of 2P reserves in thePrinos, Epsilon, and Prinos North oil fields in the Gulf of Kavala.

Energean’s tender-assist drilling barge is currently working on well A-36 on Prinos.

The $200-million program includes installation of a new unmanned platform to develop the Epsilon field, with a target to exceed 10,000 b/d by 2017.

In addition, Energean is interpreting last year’s 3D seismic survey and has already identified new exploration prospects for drilling as well as improving imaging of existing prospects.

Further, the company is looking to apply EOR/IOR techniques to improve recovery – currently 40% – from Prinos with a view to increasing recoverable resources by around 60 MMbbl of oil.

Chairman and CEO Mathios Rigas said: “We are continuing to invest despite the negative climate in the industry. Prinos is a 300-MMbbl asset that still has a lot of potential as proven by the success of our first two wells.

“The fact that we control infrastructure that can handle up to 30,000 b/d and we own and operate the drilling rig and support equipment provides Energean a very low breakeven cost base and tremendous operating leverage. In addition, the new 3D we shot in 2015 has shown further potential that we will be exploring in the coming years.”

In Greece’s Katakolon offshore block, where oil and gas was discovered and tested in the 1980s, Energean is currently preparing a new development plan which it will submit to the Greek government for approval.

05/19/2016

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