Oil production has doubled in Prinos

Oil production has doubled in Prinos

Athens, January 8, 2016/Independent Balkan News Agency

By Spiros Sideris

Oil production has doubled from the deposit of Prinos with the completion of the first of fifteen boreholes designed for the period 2015-2017 in the Gulf of Kavala, announced earlier Thursday Energean Oil & Gas.

The drilling added 1,500 barrels in daily production which now formed close to 3,000 barrels, while compared to the same period last year production growth stands at 60%.

The identified oil reserves in the Gulf of Kavala are estimated at 30 million barrels, which will be drilled by a series of investments totaling USD 200 million that has been set in motion.

In the immediate future there will be technical assistance to increase production to three older wells in Prinos and North Prinos, work has begun on a new drilling, while there is an ongoing processing of the data acquired by three dimension seismic surveys made in the summer, as well as preparation for the development of the deposit Epsilon.

In his statements, the president and CEO of Energean Oil & Gas, Mathios Rigas notes that despite the collapse in oil prices and difficulties in the business environment the company managed to drill new oil from Prinos.