Friday October 24, 2014 Search
Weather | Athens
19o C
12o 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)  
ECB vies for third time lucky in European stress tests
Cyprus GDP upgrade seen as boosting bailout exit plans
Tax rate cut in catering sector has paid off
Improvement in VAT collection
Cyprus president to be released from hospital on Friday following readmission
Cyprus President Nicos Anastasiades was on Friday expected to be discharged from a hospital in Brussels to which he was admitted after suffering nosebleeds caused by high blood pressure. Ana...
Clocks to go back 1 hour on Sunday
Clocks will go back an hour on Sunday, from 4 a.m. to 3 a.m., as Eastern European Summer Time (EEST), or daylight saving time, ends. ...
Inside News
SOCCER
Panathinaikos snatches point at Eindhoven
Panathinaikos offered its fans a glimpse of its glorious past in European competitions snatching a draw at PSV Eindhoven, on an otherwise bad night for Greek soccer in the Europa League, as ...
BASKETBALL
Greens succumb to first loss at Bayern
Panathinaikoss unbeaten run in all competitions came an end on Thursday as the Greek champion lost 81-75 at Bayern Munich for the Euroleague. Bayern is a team that improves every year, and ...
Inside Sports
COMMENTARY
Tension for tensions sake?
It is evident that Turkish President Recep Tayyip Erdogan feeds off tension. He would barely have achieved as much as he has and prevailed if he had not been so keen to confront a series...
EDITORIAL
Testing ground
The Regional Authority of Attica is a good testing ground for politicians who appear to thrive on accusations to prove whether they can actually solve major problems of a practical nature. T...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. ECB vies for third time lucky in European stress tests
2. Cyprus president to be released from hospital on Friday following readmission
3. Cyprus GDP upgrade seen as boosting bailout exit plans
4. Clocks to go back 1 hour on Sunday
5. Woman killed in tram accident in Floisvo, south of Athens
6. Panathinaikos snatches point at Eindhoven
more news
Today
This Week
1. Clocks to go back 1 hour on Sunday
2. Woman killed in tram accident in Floisvo, south of Athens
3. Cyprus GDP upgrade seen as boosting bailout exit plans
4. Cyprus president to be released from hospital on Friday following readmission
5. ECB vies for third time lucky in European stress tests
6. Strong winds hamper sea travel
Today
This Week
1. The past, present and future of the Greek debt crisis
2. Coalition shooting itself in the foot
3. Greeces closed society is central to its current malaise
4. Greece must stick to reforms, says Schaeuble
5. At least 11 banks to fail European stress tests, three in Greece, report says
6. Cyprus to block Turkey's EU talks after EEZ violation
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.