ECONOMY

Energean boosts oil production by 50 pct

Energean Oil and Gas, Greece?s only petrol exploration company, has completed the drilling of a new oil well in northern Greece, boosting production by some 50 percent to 3,000 barrels per day (bpd), it said on Tuesday.

The new 2,327 meter deep undersea well, operating off Kavala, started production on February 11 and produces 1,000 bpd, Energean said in a statement.

The company has said it is targetting production of 5,000 bpd in 2011.