Energean Oil & Gas doubles oil production in Prinos

7 January 2016
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Oil production in the Prinos oilfield doubled following completion of the first from a total of 15 drillings scheduled for the period 2015-2017 in Kavala Bay, Energean Oil & Gas said on Thursday.

The drilling added 1,500 barrels of oil to the daily production which totals around 3,000 barrels per day, up 60 pct from last year.

Energean Oil & Gas said that verified oil reserves in Kavala Bay amounted to 30 million barrels and the company plans to exploit these reserves through a 200-million-US dollar investment program currently underway.

Mathios Rigas, chairman and chief executive of Energean Oil & Gas, said that despite a collapse in international oil price and difficulties in a prevailing business environment, the company has managed to drill new oil from the Prinos oilfield.

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