Energean Oil and Gas
Energean is a private E&P company focused on the Mediterranean and Africa, with a successful track record of over 30 years as an offshore operator and outstanding potential for future growth. A full cycle E&P company with assets in Greece, Egypt and Israel and material 2P reserves of 30 mmboe (98% oil) and 1P of 16 mmboe (99% oil), which have supported an almost fivefold increase of current 1,740 bblpd production.[1]
Some Key points for Energean:
– Strong 2C resources of 28 mmboe provide basis for future organic growth. [1]
– High-netback reserves, with established infrastructure and in close proximity to premium markets, which currently deliver annual EBITDA of US$25mn.[1]
– Attractive fiscal teams and cash flow visibility supported by a 6 year off-take agreement with BP. [1]
Committed Shareholders including Third Point, Private Greek Shipowners and management.[1]
Reserves and Resources of the Energean Oil and Gas
Source of the photo: http://www.energean.com/Reserves__Resources?la=en
Prinos Area
According to the Energypress the drilling effort’s objective will be to extract 30 million barrels of proven reserves in the Gulf of Kavala region, as has been estimated by ERC Equipose, an independent reservoir evaluation company. It is anticipated that output may increase to levels of between 5,000 and 10,000 barrels per day from 2,000 bpd at present. Also “The Prinos deposit can withstand crude oil prices of even less than 30 dollars per barrel with an output of 5,000 bpd, a production level that also ensures the effort’s sustainability and jobs for a further fifteen years,” a company official noted. The introduction of Energean Oil & Gas’s new drilling rig to the company’s activity in the Prinos area will create an additional thirty to forty new jobs, with hirings preferably from the Kavala region, the company noted.[2]
Conclusion
As we can observe local operators in Greece such as Energean Oil and Gas can unlock the full potencial of upstream sector of the country, the same thing became a reality on Israel with local upstream companies such as Delek which have discovered significant oil and gas fields.
References
[1] Information for Energean Oil and Gas, http://www.energean.com/home?la=en
[2] Information from the article ” Energean’s owns drilling rig set for June launch in Prinos Area” , http://energypress.eu/energeans-own-drilling-rig-set-for-june-launch-in-prinos-area/
