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  1. Market Data
May 2, 2022

Epsilon Conventional Oil Field, Greece

By Carmen

Epsilon is a producing conventional oil field located in shallow water in Greece and is operated by Energean. The field is located in block Ioannina and Prinos Development Area, with water depth of 98 feet.

An expansion project is associated with the Epsilon, namely Epsilon Development. This project is currently in the construction stage, expected to start in 2023.

Field participation details

The field is owned by Energean.


Production from Epsilon

The Epsilon conventional oil field recovered 5.65% of its total recoverable reserves, with peak production expected in 2022. The peak production was approximately 5.32 thousand bpd of crude oil and condensate. Based on economic assumptions, production will continue until the field reaches its economic limit in 2056. The field currently accounts for approximately 31% of the country’s daily output.


Remaining recoverable reserves

The field is expected to recover 22.4 Mmboe, comprised of 22.4 Mmbbl of crude oil & condensate.


Contractors involved in the Epsilon conventional oil field

Some of the key contractors involved in the Epsilon project as follows.

Main EPC: Grup Servicii Petroliere

Other Contractors: BMT Group, Dolphin Group, Schlumberger, Valaris and Vallourec

About Energean

Energean PLC (Energean), formerly Energean Oil & Gas Plc, is an oil and gas company that produces crude oil and natural gas. The company’s activities include production, development and exploration of oil and natural gas properties. It holds interest in Karish, Tanin blocks in Israel; Epsilon, South Kavala, and Katakolo in Greece. Energean’s gas platform includes onshore plant with storage, offshore loading, and power generation facilities. The company operates its offices in Greece, Cyprus, Israel, the UK, Montenegro and Egypt. Energean is headquartered in London, Greater London, the UK.

Methodology

Information on the field is sourced from GlobalData’s fields database that provides detailed information on all producing, announced and planned oil and gas fields globally. Not all companies mentioned in the article may be currently existing due to their merger or acquisition or business closure.

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