Energean Has Greek Field Approval

Energean Oil & Gas has government approval to develop the Katakolo oil and gas field in the west of Greece, it said September 8. It submitted its field development plan in February and will use extended reach wells from an onshore location in the area. The $50mn development plan is targeting 11mn barrels of oil equivalent that the state owned Public Petroleum Corporation found in the early 1980s.

Energean is the sole owner of the field and will take a final investment decision after its environmental assessment plan has been submitted and approved, which it expects next year. Drilling will start in 2019.

Energean plans to develop Katakolo alongside its two other current development projects, the Prinos Oil Field, which is part of the Prinos Concession located offshore North East Greece, and the 2.4 trillion ft³ Karish and Tanin gas fields, offshore Israel, which are also approved for development.

Energean CEO Mathios Rigas said the field was a very important project for the country and could also reveal potential for wider exploration of the east Adriatic region. "We are adding further value for our shareholders through converting a discovered but stranded resource into a valuable commercial project.”

William Powell