Energean Oil and Gas, a Greek energy company, has filed a field development plan for the West Katakolo offshore block near the Peloponnese peninsula.
According to Energean, the West Katokolo is the first field ever to enter an exploitation phase in Western Greece.
The info has been shared by the company via social media channels. According to the update released on Tuesday, drilling is expected to start in 2019, with the first oil expected in 2020. To remind, it has been reported previously that the company would start extended-reach drilling from an onshore location to the offshore reservoir in 2018.
Offshore Energy Today has reached out to Energean seeking more info on the development concept.
In an e-mail sent to Offshore Energy Today, the company’s spokesperson explained that the drilling start-up in 2019 takes into account the time needed to implement the Environmental Study Impact Assessment (ESIA) and approval after public consultation.
“It is also likely that drilling will be avoided during the summer months in order to minimize any inconvenience to tourist activity,” the spokesperson added.
The investment needed is estimated to be 50-60 million dollars. It is estimated that West Katakolo oil field (proven field, as oil and gas tested in the ‘80s) has circa 10 million barrels of oil recoverable reserves (2C).
The spokesperson pointed out that, although it is a relatively small field, oil production from West Katakolo should be significant for the hydrocarbon sector in Greece, as it would be the first field producing in the western part of the country and only the 2nd in the North Aegean area, where oil (Prinos, North Prinos) and gas (South Kavala) has been producing since 1981.
The Final Investment Decision for the project is expected after the approval of the ESIA.
Offshore Energy Today Staff