ECONOMY

New drilling project in Epsilon field

Aegean Energy said yesterday that Kavala Oil, in which it holds a majority stake, will start drilling in the Epsilon field in the northern Aegean by the end of September. The company will use Ensco International’s Ensco 85 jackup rig for drilling in a $50 million (34.2-million-euro) contract financed by Standard Chartered Bank. Drilling at the field is expected to reach a depth of 5,500 meters and will continue for about 90 days, the company said. Schlumberger will provide drilling management services. The Epsilon field will thus become the site of the deepest well ever drilled in Greece and for the longest duration, the company added. Aegean is majority owner of Kavala Oil, Greece’s only hydrocarbons exploration and production company.