Energean Oil & Gas Receives Approval from Greek Government to Develop Kataloko Field
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Energean Oil & Gas has secured approval from the Greek government agency for the development of the Kataloko field.
Hellenic Hydrocarbons Resources Management is the government agency that approved Energean’s field development plan (FDP) to develop Kataloko field in Western Greece.
In February this year, the company submitted field development plan (FDP) application after securing the 25-year exploitation concession.
Energean will develop the field through extended reach wells from an onshore location in the area.
Under the $50m development plan, the company is targeting the 11 million barrels of oil equivalents per day (mmboe) of recoverable oil, which was discovered in the early 1980s by the state-owned firm Public Petroleum Corporation.
The company will start the environmental and social impact assessment for Katakolo, which is expected to be submitted for approval in 2018.
Once approved, the company will take a final investment decision (FID) on the project and will drill the first wells in 2019. The first oil is expected in 2020.
With 100 percent working interest, Energean is the operator of the block.
The company is also developing two other projects, including Prinos oil field and Karish and Tanin gas fields.
Prinos is part of the Prinos concession situated offshore North East Greece, while the 2.4 TCF (2C) Karish and Tanin gas fields, offshore Israel, secured FDP approval from the Israeli Government in August this year.
Energean CEO Mathios Rigas said: “After the approval of the FDP for Karish and Tanin by the Israeli Government in August, we are excited to also receive approval of our development plan for Katakolo from the Greek Government.
“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.”
Source: Energy Business Review
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