Greek exploration and production firm Energean Oil & Gas has secured a US$75 million loan from the European Bank for Reconstruction and Development (EBRD) to support the company’s ongoing $200 million investment plan in the Prinos and Epsilon oil fields offshore northern Greece.
The Prinos and Epsilon oil field development project is the largest investment in the Greek upstream sector since the 1980s and includes drilling 15 wells and installing a satellite platform to the main Prinos offshore facilities.
Mathios Rigas, President and CEO of Energean, added: “EBRD’s financing is a milestone for Energean. Prinos is a 300 million barrels mature oil field with a relatively low recovery factor achieved to-date and the new investment program will allow us to maximize the field’s potential and increase production to above 10,000 bbl/d using existing and new infrastructure."