An Energean Oil & Gas hydrocarbon development plan for its Katakolo block, off western Peloponnese, has been approved by EDEY, the Greek Hydrocarbon Management Company, and the energy ministry.

A final environmental impact study, expected to take about one year to complete, stands as the next step. It will need to be submitted to the energy ministry and regional authorities for approval, while the local community will also need to be consulted before a final investment plan is reached, probably late in 2018, and drilling activities begin in the winter of 2019-2020, sources informed.

According to latest estimates, the Katakolo field, a certified deposit, possesses approximately 10 million barrels of oil. As a result, the prospective drilling to take place will concern production, not exploration, as is the case when dealing with unexplored areas.

To date, Energean Oil & Gas is believed to have invested over two billion dollars into this specific investment.