Energean Oil & Gas has increased its estimate of recoverable oil at its fields in the Gulf of Kavala, offshore north-eastern Greece, by more than 10% to more than 30 million barrels.
According to ERC Equipoise’s Competent Persons Report, the main Prinos oil field holds 11.9 million recoverable barrels, Prinos North 3.4 million and Epsilon 15 million.
The upgrade follows an assessment of data obtained from an ongoing study of the three fields, reprocessing of a seismic survey and information secured during drilling of two wells on Prinos that Energean finished during fall 2013.
ERC said even though Prinos and Prinos North are mature fields, there is scope for lifting production through infill drilling and side tracks to target by-passed oil, recompletion and/or additional perforations of existing wells on un-drained sands, optimisation of the distribution of lift gas and optimisation of water injection for pressure support and improved reservoir sweep.
Energean’s phased development plan for Epsilon is expected to lead to more oil production from the field.
Energean Oil & Gas chairman and CEO Mathios Rigas said: "The recoverable reserves in 2007, when Energean obtained the Prinos licences, were estimated at just two million oil barrels and an end to its production seemed both inevitable and immediate.
"Now, production from the Gulf of Kavala will continue for at least a further 15 years and we will be announcing the detailed investment programme in Kavala shortly, which will safeguard jobs and local economic growth.
"The continued production at Kavala is the result of a €180m ($244m) investment by Energean over the last seven years and the dedicated efforts of our technical and operational team."