ECONOMY

Plan to double Prinos oil output

Energean Oil is beginning its new drilling program at the Prinos oil field in the northern Aegean on Wednesday, aiming to double its output from the reserve through four new oil wells.

This is a $60 million investment that the Greek oil company expects will bring its production to about 3,500 barrels per day.

The firm’s new Romanian-made drill will reach the Prinos platform on Wednesday.

Meanwhile the Union of Hellenic Petroleum Employees (PSEEP) issued an estimate of the total oil and natural gas reserves in the country, during a press conference for the presentation of the European Institute for Energy and Industrial Research. PSEEP estimates that the existing hydrocarbon reserves can provide 40 billion barrels of oil and 600 cubic meters of natural gas.