Epsilon is a producing conventional oil field located in shallow water in Greece and is operated by Energean. According to GlobalData, who tracks more than 34,000 active and developing oil and gas fields worldwide, the field is located in block Ioannina and Prinos Development Area, with water depth of 98 feet. Buy the profile here.

An expansion project is associated with the Epsilon, namely the Epsilon Development. This project is currently in the construction stage, expected to start in 2024.

Field participation details

The field is owned by Energean.

Production from Epsilon

The Epsilon conventional oil field recovered 13.84% of its total recoverable reserves, with peak production in 2022. The peak production was approximately 10.65 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 41% of the country’s daily output.

Remaining recoverable reserves

The field is expected to recover 40.91 Mmboe, comprised of 40.91 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: Schlumberger, Valaris, Vallourec, Dolphin Group and BMT Group

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; Prinos, Ioannina, South Kavala, and Katakolo in Greece; Abu Qir field in Egypt and Izabela in Croatia. Energean’s gas platform includes an onshore plant with storage, offshore loading, and power generation facilities. The company operates its offices in Greece, Italy, Cyprus, Croatia, Israel, the UK, Montenegro and Egypt. Energean is headquartered in London, Greater London, the UK.

For more details on the Epsilon Conventional Oil Field, buy the profile here.


GlobalData, the leading provider of industry intelligence, provided the underlying research used to produce this article.

This information is drawn from GlobalData’s Oil & Gas Intelligence Center, which provides detailed profiles of 34,000+ oil and gas fields, 400,000+ exploration blocks, 1,100+ LNG terminals, 3,400+ gas processing plants, 5,000+ storage terminals, and 8,000+ pipelines, 1,400+ refineries and 13,000+ petrochemical plants worldwide.