Energean Oil & Gas’s hydrocarbon exploration plan for the Katakolo offshore block in western Greece has taken an important step following its approval by Greece’s Central Archaeological Council (KAS), according to energypress sources.
A series of conditions set by the archaeological authority do not affect Energean’s investment plan for the Katakolo block.
The list of KAS demands prohibits exploration activity and transportation of fuel in the archaeological area. The Katakolo block is located at least three kilometers away from the archaeological area. KAS also wants Energean to take necessary protective measures should any archaeological discovery be made while exploration work is being conducted in the area.
Final approval is required from the Ministry of Culture. The exploration plan’s portfolio is now in the hands of Culture Minister Aristides Baltas, who is not expected to contravene the KAS approval.
Once the Culture Ministry has issued the anticipated exploration and exploitation permit, the Katakolo area, where oil and gas was discovered and tested in the ‘80s, is expected to become the country’s next oil-producing area following Prinos, in Greece’s northeast, also being exploited by Energean.
Older seismic data gathered for the Katakolo area is now being re-examined using modern scanning methods. The procedure, identifying exploration prospects, is nearing completion.
Energean is also working to install nearby onshore facilities as part of the infrastructure to be used to exploit the Katakolo offshore block. These onshore facilities are planned to be constructed in Pirgos, by the provincial city’s biological waste management unit.
The proven reserves at Katakolo are currently modest, measuring 3 to 6 million barrels. However, the new data could upgrade this estimate.