ISSN: 2056-3736 (Online Version) | 2056-3728 (Print Version)


Greece΄s only oil producer, Energean Oil & Gas, said on Tuesday it will continue its investment program for increasing production at the Prinos field, despite the drop in oil prices, the company’s Chief Executive Officer Mathios Rigas said in a speech at the 2016 Athens Energy Forum.

“Despite the large drop in oil prices which has even touched 75 pct in a year and a half, Energean Oil & Gas continues to invest in Prinos, having created about 150 jobs and having multiplied the country΄s known oil reserves of 2 million barrels to 30 million barrels in seven years,” Rigas said.

“The very existence of these proven reserves, but also the particularly low breakeven – even below $25 if we achieve the objective of increasing production to 5,000 barrels a day – which characterizes the operation of Prinos is the main incentive for the continuation of investments which are taking place for the past two years and focus on the 15 drillings which Energean Force’s drilling rig has started in the Gulf of Kavala,” he added.

Rigas also urged the banks to support the businesses which invest in the country’s prospects so that they can acquire the know-how in the operation of new sectors, such as the research and utilization of hydrocarbons in Greece.