Energean secures exploitation license for West Katakolon offshore block in Western Greece
The Greek Ministry of Energy and Energean Oil & Gas, the leading independent oil and gas exploration and production company in the Eastern Mediterranean, have agreed the conversion of the exploration license for the proven West Katakolon offshore field to a 25-year exploitation license with immediate effect.
The West Katakolon Exploitation area (“West Katakolon”) is part of the Katakolon Concession Area and covers a 60km2 area with circa 10mmbbls recoverable oil. Energean will be the operator of the field development.
West Katakolon is the third oil and gas field to go into development in Greece, following on from the Prinos Oil Field and South Kavala Natural Gas Field, both located offshore in the North Aegean Sea. Both of these fields are operated by Energean. A Field Development Plan (FDP) will be submitted to the Ministry of Energy by the end of February. Drilling is planned for 2018 and will use Extended Reach Drilling (ERD) technology to drill from onshore to offshore reservoirs.
The FDP for West Katakolon will be Energean’s third offshore plan in process over the next few years alongside those for the 15mmbbls Epsilon Oil Field, also in the Prinos Concession, and the much larger proven Karish and Tanin natural gas Fields, offshore Israel. Energean recently announced the acquisition of the world-class 2.4 Tcf resource Karish and Tanin Fields from
Delek Drilling and Avner for US$148 million.
Source/ More : Energean Oil & Gas
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