Total production of the Prinos and Prinos North oil fields, offshore NE. Greece, has exceeded 4,000 barrels per day (photo: Energean Oil & Gas)

Energean Oil & Gas has announced that total production of the Prinos and Prinos North oil fields, offshore NE. Greece, has exceeded 4,000 barrels per day, a two fold increase compared to the 2,000 bpd produced before the start of the on-going investment programme.

Production has increased as a result of the successful completion of the drilling of wells PA-35A and PA-40 and the interventions conducted in already producing wells.

PA-40 was the second of the fifteen development wells planned by Energean to be drilled in Greece to develop the 30 million barrels of 2P reserves in the Prinos, Epsilon and Prinos North oil fields in the Gulf of Kavala.

The well was drilled using the Energean Force, the Tender Assisted Drilling Barge owned and operated by Energean, which is now drilling well PA-36 in Prinos.

Energean continues its USD 200 million investment programme that involves the drilling of 15 development wells and the installation of a new unmanned platform to develop the Epsilon field, with a target to exceed 10,000 bbl/day by 2017. Energean is also working on the interpretation of the new 3D seismic survey that was acquired in 2015 and this work has already identified new exploration prospects for drilling as well as improving the imaging of existing prospects. This enlarged prospect portfolio is now being worked in detail and high graded prospects will be added to the drilling program. Furthermore, Energean is actively looking to apply EOR/IOR techniques to improve the recovery from the Prinos field that currently stands at 40% and has the potential to increase the recoverable resources of the company by c. 60 million barrels of oil.

Mathios Rigas Chairman & CEO says, “We are continuing to invest despite the negative climate in the industry. Prinos is a 300 million bbl 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 bbl/day 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. Greece, despite its financial difficulties, remains an unexplored country with significant hydrocarbon potential that Energean is committed to explore as the only producer of hydrocarbons in the country.”

Tags: ENERGEAN Oil & Gas