An estimate on the retrievable oil reserves beneath the Bay of Kavala in the northern Aegean has been revised to 30 million, up from 27 million barrels last year, according to a Competent Persons Report that independent consultant ERC Equipoise submitted to operating company Energean Oil & Gas, the latter announced on Thursday.
The report shows that the usable quantities in the Prinos reserve are now estimated at 11.9 million barrels, those in the Northern Prinos reserve at 3.4 million barrels, while the Epsilon reserve is now expected to offer 15 million barrels.
The revised estimates are based on a new assessment of the data from the study of the Kavala Bay oil fields, the processing of seismic survey data and the results of the last couple of drillings at Prinos in the fall of 2013.
The consultant stressed that while Prinos and Northern Prinos constitute two mature reserves, there is considerable scope for extra output through the conduct of new drillings, the utilization of lost oil quantities, improving the operation of existing wells as well as making better use of techniques such as exerting pressure on the reserves using water and gas. A similar increase in output can be expected from the program for the utilization of the Epsilon reserve that Energean Oil & Gas has developed.