Greece's Ministry of Energy has agreed to convert Energean Oil and Gas's exploration permit for the West Katakolon offshore field into a 25-year exploitation licence.

The conversion will become effective with immediate effect.

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The West Katakolon Exploitation area is a section of the larger Katakolon Concession Area that covers 60km² with a projected ten million barrels of recoverable oil.

Energean will be operator of the field development.

After Prinos Oilfield and South Kavala Natural Gasfield, West Katakolon is the third oil and gas site to be developed by Greece.

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Prinos Oilfield and South Kavala Natural Gasfield are both in the North Aegean Sea and operated by Energean.

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The company intends to submit the Field Development Plan (FDP) to the Ministry of Energy by the end of February next year.

Drilling is expected to start in 2018 where the company plans to use extended reach drilling (ERD) technology to drill from onshore to offshore reservoirs.

"It will be the first ever hydrocarbon production programme in the west of the country and a major boost to the economy."

The FDP of West Katakolon will be Energean’s third offshore plan in process over the next few years along with Epsilon Oilfield and proven Karish and Tanin natural gasfields off the coast of Israel.

Energean CEO Mathios Rigas said: “The progression of West Katakolon into its development phase is an important milestone for both Energean and Greece. It will be the first ever hydrocarbon production programme in the west of the country and a major boost to the economy following the challenges of the last few years.

“We are committing to the $50m investment in Katakolon, as a first step in seeking to open up the oil and gas opportunities in this highly promising territory, an area with similar geology to the wider Adriatic Zone, well-known for its prolific hydrocarbon systems in Italy, Albania and Croatia.”

Recently, Energean announced the acquisition of 2.4 trillion cubic feet resource Karish and Tanin Fields from Delek Drilling and Avner at $148m.

Image: ERD Well West Katakolon. Photo: courtesy of Energean.com.