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  • First oil drilling in Katakolo in 2019, deposits three times above estimate

    Energean Oil & Gas says hydrocarbons deposits in Katakolo are 10.7 million barrels of oil, instead of the initial estimate of three million barrels.

    ΤοΒΗΜΑ Team

    The first drilling for oil and gas at Katakolo, in the Peloponnese prefecture of Ileia will begin in winter, 2019, and according to the Energean Oil & Gas Company, the hydrocarbons deposits in the said block are 10.7 million barrels of oil, instead of the initial estimate of three million barrels.

    Regarding the Prinos concession, Energean is planning new drilling in 2018 in the deposits of Prinos and Northern Prinos, as well as at the Epsilon deposit. The Prinos field was discovered in 1974, developed in the late 1970’s and brought into production in 1981. The confirmed oil deposits in the area are 40 million barrels, with prospects of another 20 million.

    In the Ioannina block, the Spanish Repsol company , which has a 60 percent stake in Energean in the concession contract, has commenced seismic studies. Regarding the Aitoloakarnania block, parliament will approve the contract, and after that a 60 percent stake will be transferred to Repsol, which will also act as opertator.

    International