Production from Prinos deposit up by 50%
(ANA-MPA) -- The production of the Prinos oil deposit in northern Greece, off the port city of Kavala, increased by 50 percent from 2,000 to 3,000 barrels per day, following the completion of PA-35 drilling, which is expected to produce reserves of 1.8 million barrels over the next four years, according to an announcement on Tuesday by Energean Oil & Gas, which has the exploitation rights.
The PA-35 drilling is part of the 'Prinos 5000' program that aims to increase overall daily production to 5,000 barrels and foresees investments of 20 million dollars in 2011.
A total of one million barrels were produced from the region's deposits in 2010, while the target is to increase production by 50 percent to 1.5 million barrels in 2011.
The PA-35 drilling was inaugurated last December at a depth of 2,327 metres, which was followed by the placement of the required equipment. Production commenced on Feb. 11.
With only 175 exploratory drillings over a total area of 130,000 square kilometres, Greece is reportedly considered as under-explored regions for oil and natural gas deposits. It is characteristic that for the discovery of the deposits in the Prinos basin, which has an area of about 450 square kilometres, 26 exploratory drillings have taken place, and exploratory work is continuing in the region.
The country's "possible crude oil" regions include western Greece, Grevena, the Thermaikos Gulf, the Thrace Sea, western Thrace, the sea region of the Sporades isles in the central Aegean and the sea region south-southeast of Crete.
(ana.gr)
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