Offshore staff
ATHENS, Greece – Energean plans a strategic review of its producing Prinos Area assets offshore western Greece.
The company upgraded total reserves and contingent resources by 34% last year to 106 MMboe. This follows new discoveries in the Epsilon reservoir and reprocessing and interpretation of data at Katakolo.
Production in 2019 averaged 3,300 b/d and due to restrictions on investment caused by the strategic review, output this year will likely fall to 2-2,500 b/d.
The drilling rig Energean Force remains smart-stacked in Phillipos Port; 2020 production from the Prinos and Prinos North reservoirs will be maintained through rig-less activities requiring only limited expenditure.
Last year the company drilled and completed all three Epsilon Lamda platform development wells, with additional pay encountered in the deeper and dolomitic zones of the Epsilon reservoir likely to increase the resource to 16 MMboe.
Currently the platform jacket is 80-85% complete in the Constanza shipyard in Romania.
As for the offshore Katakolo concession, Energean could take a final investment decision following award of the environmental impact assessment (EIA) this spring. It anticipates a reserves upgrade to 14 MMbbl.
Off Montenegro, to the north, the company has identified various shallow gas prospects and deeper carbonate prospects on its acreage based on newly acquired seismic data.
The Ministry of Economy in Montenegro has confirmed an extension to the first exploration phase to March 15, 2021, with a drill-or-drop decision by year-end 2020.
Finally, Energean expects approval shortly from Italy and Egypt on its acquisition of Italian independent Edison E&P.
Edison and Eni have received renewal of the Italian EIA approval on the deepwater Cassiopea development in the Strait of Sicily, and first gas is now expected in 2022.
The Ameeq well on Edison’s North Thekah block offshore Egypt started drilling earlier this month.
01/29/2020
