Energean, Greece’s sole oil producer, said on Sept. 8 it had secured approval to develop the Kataloko Field in Western Greece, its third such project in the eastern Mediterranean.
The $50 million development plan is targeting 11 MMboe discovered in the early 1980s by the state-owned Public Petroleum Corp. The resources remain undeveloped.
“Energean is now unlocking the value of this very important project for the country as well as revealing the potential for wider exploration of the East Adriatic region,” Energean CEO Mathios Rigas said.
Energean has secured a 25-year exploitation concession for Katakolo which involves developing the field through extended reach wells from an onshore location in the area. It plans to develop Katakolo alongside its two other current development projects, the Prinos oil field offshore northeastern Greece and the Karish and Tanin gas fields offshore Israel.
Energean said it planned to take a final investment decision on the project in 2018 and drill the first wells in 2019 with first oil expected in 2020.
Recommended Reading
The OGInterview: Petrie Partners a Big Deal Among Investment Banks
2024-02-01 - In this OGInterview, Hart Energy's Chris Mathews sat down with Petrie Partners—perhaps not the biggest or flashiest investment bank around, but after over two decades, the firm has been around the block more than most.
Petrie Partners: A Small Wonder
2024-02-01 - Petrie Partners may not be the biggest or flashiest investment bank on the block, but after over two decades, its executives have been around the block more than most.
BP’s Kate Thomson Promoted to CFO, Joins Board
2024-02-05 - Before becoming BP’s interim CFO in September 2023, Kate Thomson served as senior vice president of finance for production and operations.
Magnolia Oil & Gas Hikes Quarterly Cash Dividend by 13%
2024-02-05 - Magnolia’s dividend will rise 13% to $0.13 per share, the company said.
TPG Adds Lebovitz as Head of Infrastructure for Climate Investing Platform
2024-02-07 - TPG Rise Climate was launched in 2021 to make investments across asset classes in climate solutions globally.