ECONOMY

Drilling boosts Prinos oil output

The additional production of 850 oil barrels per day from the second drilling at Prinos has increased daily output at Energean Oil & Gas’s plant on the island of Thasos to 2,300 bpd, the Greek company’s chairman and chief executive, Mathios Rigas, announced on Wednesday.

The drilling, which reached 3,000 meters below the surface, has been successfully completed and delivered for oil production. This drilling was only the second of four that the company’s $60 million investment program provides for. The new well’s total capacity is estimated at a total of 820,000 oil barrels.

“Nevertheless, it is clear that the Prinos reserves are decreasing and for domestic oil and natural gas production to increase further for the benefit of the economy and of employment, the state will need to proceed without any further procedural delays to the utilization of the new areas put into an open-door tender,» said Rigas.