Greece’s Energean ups oil production

Greece’s Energean ups oil production

Greece’s sole oil producer, Energean Oil & Gas, has stepped up daily production by about 30 percent since early January, it said on Wednesday, as the debt-ridden country seeks to tap into its limited oil reserves.

Plunging crude prices have deterred spending on oil projects around the world but Greece is pushing ahead with investment in the industry in a bid to reduce dependence on oil imports and boost public finances.

Energean, 45 percent owned by hedge fund Third Point, said it had increased production to more than 4,000 barrels per day from its two oil fields off the northern Aegean island of Thassos.