‘National cooperation needed’ for oil prospects

Cooperation at a national level, and a national strategy to establish Greece as an energy hub, will be required if Greece is to make the most of its hydrocarbon prospects, Dimitris Gontikas, vice president and managing director of Kavala Oil, a Energean Oil & Gas subsidiary firm, stressed yesterday.

Gontikas, who delivered a speech at an industry event staged at the International Hellenic University in Thessaloniki, noted that Kavala Oil plans to make investments worth a total of 200 million dollars between 2014 and 2017 at the Prinos deposit in northern Greece. The investments will concern new drilling at the Prinos deposit as well as at the nearby “Epsilon” deposit, he said, adding that the company plans also include development of a new offshore platform to be linked, by pipeline, to the drilling operation’s main platform.

Based on latest estimates, the Prinos deposit, located in the Gulf of Kavala, contains 30 million barrels of recoverable oil, the Kavala Oil official noted.