Sunday March 29, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
BP deal allows Energean to step up investments

BP Plc’s decision to buy all of Energean Oil & Gas SA’s Aegean Sea production will help Greece’s only oil producer attract international loans to spur investment, Chief Executive Officer Mathios Rigas said.

“The deal with BP is a huge step toward putting Greek crude on the world oil map,” Rigas said in an interview in Athens.

“With BP doing the marketing, crude oil from the Prinos field will get recognized by, and access to, international markets, and that will enable us to approach international banks for financing.”

On January 13 Energean signed a six-year deal with BP Oil International valued at $500 million based on projected oil production at current prices.

The Greek government agreed on the same day to eliminate a requirement that Energean sell output to local refiner Hellenic Petroleum SA.

Energean plans to invest 150 million euros in 2014 and 2015, in part to tap the Epsilon satellite field and lift daily production at Prinos, with the aim of increasing total production in the Kavala Gulf to 5,000 barrels by the end of the year from 2,500 today.

Proven recoverable reserves, including current production, stand at 24 million barrels, meaning the Prinos field still has 15 years of production left, Rigas said.

[Bloomberg]

ekathimerini.com , Tuesday Jan 21, 2014 (19:55)  
Rift talk may be self-fulfilling prophecy
Undeclared labor flourishing as inspections are insufficient
Agenda
Banks write off old debts worth billions
Greece’s Tsipras to meet ministers as creditors ponder overhauls
Greece’s Prime Minister Alexis Tsipras is to hold a cabinet meeting Sunday as Greek officials and creditors in Brussels discuss overhauls the country proposes to secure more funds from the e...
Moscow expects progress from Tsipras visit
Prime Minister Alexis Tsipras’s planned visit to Moscow on April 8 will be a “big event” in the course of relations between Greece and Russia, according to the Russian ambassador in Athens, ...
Inside News
HANDBALL
Hooligans mar PAOK´s handball cup triumph
PAOK won its second Greek Cup in handball beating AEK 29-27 in Sunday’s final in Thessaloniki, but the clashes between AEK fans and the police as well as the exchange of lethal flares betwee...
BASKETBALL
Greens live dangerously in Istanbul
Panathinaikos played with fire in Istanbul, but still managed to beat Galatasaray 86-84 on Friday and climb to the third sport of its group two games before the end of the Euroleague top-16....
Inside Sports
COMMENTARY
Let´s change the subject
Let’s talk about the weather. The cloudy skies, the rain, storms and humidity, the overall heavy atmosphere. It’s better to think of that than politics and politicians, whatever cuts they ma...
EDITORIAL
Too little, too late?
Many of the measures that are rumored to comprise part of the list that the Greek government is expected to submit to the European Commission, European Central Bank and the International Mon...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Rift talk may be self-fulfilling prophecy
2. Undeclared labor flourishing as inspections are insufficient
3. Agenda
4. Banks write off old debts worth billions
5. Hooligans mar PAOK´s handball cup triumph
6. Greece’s Tsipras to meet ministers as creditors ponder overhauls
more news
Today
This Week
1. Eurogroup unlikely to be held soon to discuss Greek reforms
2. Moscow expects progress from Tsipras visit
3. Another suspect eyed in prison breakout plan
4. Greece’s Tsipras to meet ministers as creditors ponder overhauls
5. Greece says talks with lenders are continuing positively
6. Banks write off old debts worth billions
Today
This Week
1. Next Monday is D-Day for state funds
2. PM faces Merkel amid race to detail reforms
3. Some more equal than others
4. Greece to present reforms by Monday, says gov't spokesman [Update]
5. Looking at the Chinese model
6. Greece optimistic on deal with euro area next week
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.