Energean’s ‘Epsilon’ and Katakolo deposits to ‘create work for locals’

Drilling procedures to be conducted by Energean Oil & Gas for the development of hydrocarbon deposits at its  Gulf of Kavala “Epsilon” and Katakolo (west Peloponnese) licenses represent the company’s two main projects for the years to come, two top-ranked company officials noted during presentations of both ventures at this week’s 20th Energy and Growth conference in Athens, an event organized by IENE, the Institute of Energy for South-East Europe.

The projects promise to create two additional oil production points in Greece, besides the solitary Prinos deposit at present – also being utilized by Energean – new jobs, projects for Greek companies, and benefits for the national economy, the company officials told the conference.

Details on the two projects were presented by Steve Moore, Energean’s Technical Director, and Dinos Nikolaou, the company’s Technical Adviser.

Moore noted the “Epsilon” deposit, discovered by Energean in 2002, west of Prinos, contains proven and probable oil reserves (2P) amounting to 15 million barrels. Energean is preparing to construct a new drilling platform at the spot, the first such new facility to be developed in Greece since 1977, when one had been set up in the Gulf of Kavala.

The “Epsilon” deposit’s platform will be designed to be compatible with state-of-the-art industry technology, the Moore noted, while adding that the majority of work required for the platform’s development, estimated to reach 50 million dollars in contracts, will be commissioned to Greek companies.