BUSINESS

Energean to invest $50 mln in offshore field

TAGS: Energy

Greece’s sole oil producer Energean Oil & Gas will invest $50 million to develop a proven offshore oil and gas field in western Greece, the third field it will exploit in the country, it said on Tuesday.

Energean, 45 percent-owned by hedge fund Third Point, has two oil fields in the Prinos Basin off the northern Aegean island of Thasos.

It aims to increase its output to 10,000 barrels per day by 2018 from 5,000 barrels per day now, with an ongoing $200 million investment program.

Energean said on Tuesday it had agreed with the Energy Ministry to turn an exploration license for the West Katakolo field, off the coast of the Peloponnese, into a 25-year development license with immediate effect.

The producer will submit its development plan for the field by the end of February.

It wants to start drilling in 2018.

[Reuters]

Online