Energean suspends drilling ‘indefinitely’ over ELPE contract

Energean Oil & Gas on Wednesday said it is suspending its drilling program “indefinitely,” until the issue of its contract with Hellenic Petroleum (ELPE) is settled.

A 1999 law forces Energean to sell the oil it extracts from Prinos, near Kavala, only to ELPE, but in 2012 the company agreed to sell its oil to BP.

The Energy Ministry has said that the law will be amended shortly.