Energean Oil & Gas has received approval to develop its 100%-owned and operated offshore Katakolo field in western Greece, its third project in the country.

Granted by Greek Government agency Hellenic Hydrocarbons Resources Management, the field development plan (FDP) approval will enable the company to advance with the $50m development plan.

Energean submitted the FDP application in February this year after it secured the 25-year exploitation concession announced in November last year.

The application involves the field development through extended reach wells from an onshore location in the area targeting the 11Mboe of recoverable oil.

“Katakolo is a previously discovered oil and gas field that has so far remained undeveloped.”

Energean Oil & Gas CEO Mathios Rigas said: “Katakolo is a previously discovered oil and gas field that has so far remained undeveloped.

“Energean is now unlocking the value of this very important project for the country as well as revealing the potential for wider exploration of the East Adriatic region.”

The company plans to develop the Katakolo field alongside its two other assets, the Prinos Oil Field, located offshore North East Greece and the Karish and Tanin gasfields, offshore Israel.

The company will now start the environmental and social impact assessment for the field, which will be submitted for approval next year.

The final investment decision and drilling of the first wells are scheduled in 2019, with the first oil expected in 2020.