Energean, expecting new drilling rig, eyes tender

The country’s first ever Greek-owned drilling rig, recently acquired by Energean Oil & Gas, initially for exploration work at a site in Prinos, northern Greece, is scheduled to reach nearby Kavala within the next ten days, the Chairman and CEO of Energean Oil & Gas, Mathios Rigas, told an ongoing energy conference in Athens.

The drilling rig, made in Germany and dubbed “Energean Force” by its new Greek owner, was purchased from German drilling and engineering contractor KCA Deutag.

Rigas told the “Balkans and Adriatic Oil Summit”, which opened today and runs through Friday, that Energean Oil & Gas was viewing an upcoming international tender for twenty offshore plots and three onshore plots in western Greece as a natural next step following the company’s acquisition of rights to explore spots in Ioannina, northwestern Greece, and Katakolo, western Greece.

The Energean head noted that the company was currently examining the prospects of the twenty offshore plots, whose international tender is scheduled to be announced within the next few days.

Rigas also presented a company investment plan valued at 225 million dollars, whose objective is to increase daily production at the Prinos deposit to a level of between 5,000 and 10,000 barrels per day.

The company plans to conduct 15 drilling projects over the next two years in the wider Prinos area. Energean also plans to develop two offshore platforms.

Making note of the necessity to operate with respect for local communities, and in agreement with them, Rigas reminded that Energean had operated in the Kavala region for the past 30 years. He described the company’s co-existence with the local Kavala community as exemplary.

The company has already invested 200 million euors in the area’s deposit, Rigas noted, and was determined to keep investing.