The European Bank for Reconstruction and Development (EBRD) is providing an additional $20m loan to support Greece-based Energean Oil & Gas’s exploration activities.

The loan will support exploration of the Prinos Basin, as well as the company’s new projects in western Greece.

Energean has been developing 30 million barrels of proven and probable oil reserves in the Prinos offshore oil-producing and has 28 million barrels of contingent resources in the same licence.

EBRD Greece and Cyprus regional director Sabina Dziurman said: "After our first agreement in March we are very pleased to have a second signing today.

"Energean has been developing 30 million barrels of proven and probable oil reserves."

"It underlines our confidence in Energean, a truly remarkable and impressive Greek company with great potential, and our commitment to its further success."

The latest financing comes after a $75m loan was agreed earlier this year relating to ongoing investment programme for development of the Prinos field.

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New technology and investment will also be introduced with the loan to avoid gas flaring.

Energean Oil & Gas chairman and CEO Mathios Rigas said: "Energean has the vision to become the leading independent E&P company in the wider Mediterranean and North Africa, and the EBRD’s new financing secures the implementation of our ongoing exploration projects."

Last year, the EBRD started investing in Greece on a temporary basis to support the country’s economic recovery.

Image: EBRD’s loan will support the exploration of the Prinos Basin as Energean’s new projects in western Greece. Photo: courtesy of European Bank for Reconstruction and Development.