Tuesday April 28, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greece's sole oil producer raises recoverable reserves estimate

Energean Oil & Gas, Greece's only oil producer, raised on Thursday its estimate of recoverable oil deposits by more than 10 percent to 30 million barrels.

Energean, in which US hedge fund Third Point LLC holds a 44.5 percent stake, produces about 1,700 barrels of crude a day off the northern Greek island of Thassos.

That output covers only a negligible part of the country's energy needs. Debt-laden Athens has embarked on an ambitious program to discover big hydrocarbon reserves in the country's west.

The Thassos oil production, which began in 1981, was moribund when Energean took it over in late 2007. By using new technology to squeeze more crude out of the old deposit, it has raised recoverable reserves from 2 million barrels to 15 times that volume.

"Production from the Gulf of Kavala (Thassos) will continue for at least a further 15 years," the company's Chief Executive Matthios Rigas said in a statement. Energean and its predecessors have produced about 113 million barrels of oil in the region over the past 33 years.

The only other proven oil deposit in Greece is at Katakolon, in the country's south, with a volume of 5 million barrels. [Reuters]

ekathimerini.com , Thursday June 26, 2014 (16:20)  
Greece to offer taxpayers a deal to get money back home
Greek shares outperform amid bailout deal hopes
Cyprus central bank head says ready to act if Greece spills over
Austrian FinMin hopes Greek debt team reshuffle brings progress
Greek, Turkish Cypriot leaders to kick start peace talks
Greek Cypriots unveiled measures on Tuesday to boost trust across the ethnically divided island, and announced that rival leaders would hold their first meeting in months on May 2. Peace tal...
EU lawmakers demand migrant burden be shared
EU lawmakers on Tuesday demanded the bloc share the burden of accepting asylum seekers as the pressure on southern European countries from migrants crossing the Mediterranean showed no sign ...
Inside News
BASKETBALL
Rethymno defeats in-form AEK on Crete
AGO Rethymnou put an end to a positive string of results for in-form AEK, while PAOK survived a strong challenge by Kolossos Rhodes in Thessaloniki in yet another exciting weekend of basketb...
SOCCER
Panathinaikos beats Xanthi to rise to second
Panathinaikos jumped back up to the second spot of the Super League after its home win over Xanthi on Saturday, as PAOK slumped to third due to its draw at home with PAS Giannina on Sunday. ...
Inside Sports
COMMENTARY
The Good, the Bad and the Ugly
It is so exhausting and unpleasant for average Greek citizens to keep hearing for weeks now that the countrys cash reserves will run out in two months, one month, next week, and especially ...
EDITORIAL
Better late than never
Three precious months were lost in the governments negotiations with the countrys international partners and creditors, as some of its officials wasted time on their own self-promotion, ha...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Greek, Turkish Cypriot leaders to kick start peace talks
2. Greece to offer taxpayers a deal to get money back home
3. EU lawmakers demand migrant burden be shared
4. Dijsselbloem says Greece will not make it without aid
5. Railway workers join ferry staff in Labor Day strike
6. Greek shares outperform amid bailout deal hopes
more news
Today
This Week
1. The Good, the Bad and the Ugly
2. Creditors to demand extra measures of 3 bln euros
3. Plan on the cards for flat VAT rate of 18 pct
4. Greek PM says people may have to rule on creditor deal [Update]
5. Greek PM says initial deal in bailout talks 'very close'
6. No trolley buses from 11 a.m. to 4 p.m.
Today
This Week
1. Greek government's popularity takes a hit as talks drag on
2. Denialism
3. Europe's collision course with Greece
4. It's up to the Greek government to ensure deal with lenders, says ECB's Coeure
5. Leaving the past in the past
6. Greeces day of reckoning inches closer as debt payments loom
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2015, H KAΘHMEPINH All Rights Reserved.