Upstream company Energean has received promising feedback from the finance and energy ministries in its effort to secure an EU support package to protect the sustainability of its offshore Prinos field, the country’s only producing unit, in the North Aegean.
The government has relayed that it is cautiously optimistic of a favorable outcome in its support-package application submitted to the European Commission.
Brussels appears to be concluding its exchange with Greek government officials handling the issue and could soon offer its approval, sources informed.
The effort has lasted nearly nine months from the time Greek government officials submitted a support request accompanied by Energean’s Prinos business plan, worth nearly 75 million euros.
The time taken in Brussels has been attributed to this essentially being the EU’s sole case concerning a support request in the hydrocarbon exploration sector.
Meanwhile, EDEY, the Greek Hydrocarbon Management Company, has granted Energean Oil & Gas, a member of the Energean Group, a four-year extension, until March 19, 2025, for exploration activities aiming to identify new fields in the Prinos and South Kavala areas, following a request submitted by the company.