BP gets exclusive rights on Prinos oil output

By Chryssa Liaggou

British Petroleum signed on Monday an agreement with the Greek state and Greek firm Energean Oil & Gas for the multinational to be the exclusive buyer of the oil output from the Prinos reserves in the northern Aegean for the next six years.

The development has been interpreted as BP’s return to the Greek market in view of expected upcoming developments in the hydrocarbon sector. BP left Greece in 2009, selling its commercial network in the fuel market to Hellenic Petroleum.

The way to the signing of the agreement in Athens was paved by the Energy Ministry’s amendment of the contract between Energean and the Greek state providing for the supply of the oil output to Hellenic Petroleum.

The total value of the deal is estimated at 500 million euros, with the head of Energean stating that it is laying the groundwork for the implementation of the firm’s investment program amounting to 150 million euros and providing for three drillings at Prinos within 2014.