May 2019: Energean has reduced its production forecast for 2019 following postponement of 2 producer wells on the Prinos field in the Gulf of Kavala to 2020 because of technical delays while drilling the Epsilon Extended Reach Well, EA-H3, which was successfully completed. Its target of production of over 10,000 bbls per day by 2021 remains.
Apr 2019: Energean Oil and Gas announced the successful completion of the extended reach well EA-H3 at the Epsilon oil field in the Gulf of Kavala. The well was brought into production and is producing at over 1,000 bbls of oil per day.
Sep 2018: Development drilling is under way at the Epsilon field development offshore western Greece. The plan is to drill 3 production wells tied into an unmanned jacket (Lamda) with up to 5 production wells drilled in later years to fully exploit the reserves. Energean (operator) anticipates first production in late 2019.
Sep 2018: Energean (operator, 100%) will try to farm down its West Katakolo field development on the west coast of the Peloponnese with reserves of 10.5 mm bbls. It submitted a US$60mm field development plan in March 2017 and received approval in September 2017 for extended reach wells from an onshore location. If the FID is taken in Q4 2018, first oil will be in 2020.
Apr 2018: Energean (operator) reported oil production from the Prinos complex to be 2,803 bbls per day in 2017. An extended reach well in the Prinos North field began flowing 1,000 bbls per day in 2018. A US$350mm program is under way including development of the Epsilon field. Remedial action to restore levels to well over 3,000 bbls per day includes 24 infill wells.
Mar 2018: Oil majors have submitted bids for offshore exploration after the launch of Ionian and Crete tenders in August 2017. Total (operator 40%), ExxonMobil (40%) and Hellenic Petroleum (20%) have submitted a bid to HHRM for 2 blocks (West Crete and Southwest Crete) whilst Repsol (operator, 50%) and Hellenic (50%) have submitted a bid for the Western Greece, Ionian Block.
Aug 2017: Two offshore E and P tenders have been launched in the Ionian Sea and Crete areas. The announcement follows applications submitted by Total and Energean Oil & Gas in each area.
Jun 2017: The Energy Ministry has approved applications by the consortium of Total, ExxonMobil, and Hellenic Petroleum, and separately, Energean to explore for oil and gas south and west of Crete, and off Western Greece, respectively.
Mar 2017: Energean Oil and Gas has filed a field development plan for the West Katakolon offshore field near the Peloponnese peninsula (approved in September). Drilling is expected to start in 2019 with first oil in 2020. The West Katakolon oil field contains around 10 mm bbls of recoverable oil reserves.
Dec 2016: The Ministry of Environment and Energy announced a consortium of Total, Hellenic Petroleum and Edison as the preferred bidders for offshore Block 10 in the Kyparissiakos Gulf as part of the 2nd International Licensing Round. This follows previously announced declarations for onshore blocks (Arta - Preveza and NW Peloponnese) and offshore Block 2, west of Corfu.
Nov 2016: Energean will convert the Katakolon Concession Areain the Ionian Sea to an exploitation license. The West Katakolon field will be the 3rd oil and gas field to go into development in Greece. A Field Development Plan (FDP) will be submitted to the Ministry of Energy by Feb 2017 with extended reach drilling from onshore planned for 2018. First oil is expected in 2019.
Oct 2016: Total, Hellenic Petroleum and Edison are the preferred bidders for an offshore gas block in the west of the country. In 2015 the government tendered 20 offshore blocks in the Ionian Sea and south of the island of Crete in its 2nd International Licensing Round.
May 2016: Production from the Prinos and Prinos North oil fields in the Gulf of Kavala has doubled to more than 4,000 bbls per day following completion of wells PA-35A and PA-40 and interventions in producing wells. PA-40 is the second of 15 planned wells. The program includes installation of an unmanned platform to develop the Epsilon field.
Jan 2016: Energean has completed drilling well PA-35A in the Prinos field with a tender assisted drilling barge. PA-35A came onstream in late December 2015 and is the first of 15 new development wells in the Prinos, Epsilon and Prinos North oil fields in the Gulf of Kavala.
Jul 2015: Energean has completed a 340 sq km 3D seismic survey over the Prinos oil field and its surrounding licenses, in the north eastern Gulf of Kavala. It aims to improve imaging of Prinos and satellites Prinos North and Epsilon.
Jul 2015: The July deadline for companies to tender for 20 E and P blocks under the 2nd Licensing Round will not be extended, despite Greece's uncertain future. Half of the blocks lie along the Hellenic shelf of the Ionian Sea and half in the Mediterranean.
Aug 2014: Energean Oil & Gas has launched a new US$225 mm investment including drilling of 15 wells and installing 2 new unmanned platforms to develop 30 mm bbls of reserves and increase production from the Prinos, Prinos North and Epsilon fields to 10,000 bbls per day by 2016 (GS notes: optimistic target unlikely to be met by 2016, if at all, considering age of fields).
Jun 2014: Greece will auction blocks covering a combined area of more than 200,000 sq kms in the Ionian Sea and south of Crete in July, encouraged by offshore gas finds in Israel and Cyprus, nearby in the Eastern Mediterranean Sea.
May 2014: Energean has signed Licence Agreements for the Ioannina block (with Petra Petroleum, 20%) and Katakolon block (with Trajan Oil, 40%). Ioannina is onshore in Epirus, Western Greece with analogues to fields in Albania and Italy. Katakolon is offshore in the Northwestern Peloponnese. It contains a potential discovery well drilled in 1981.
Mar 2014: A consortium of Energean Oil and Gas, Trajan Oil and Gas and Schlumberger has been awarded the offshore Katakolon block in an Open Door bid round.
Jan 2014: Greece will soon invite international companies to explore in its western and southern waters. Seismic surveys totalling 12,500 kms have been completed in the Ionian Sea and south of Crete by PGS and the data will be made available in February. Greece's sole oil producer, Energean, said in 2013 that geological data from the Ionian Sea was not encouraging.
Jul 2013: A consortium led by Energean Oil will explore for oil and gas near the town of Ioannina in north-west Greece while a consortium led by Hellenic Petroleum, Greece's biggest refiner, will explore near the town of Patras also in the west after their participation in the Open Door 2012 Tender Procedure. Almost 200 wells have been drilled in Greece with little success.
Jun 2013: The Third Point Hellenic Recovery Fund has agreed to provide US$60 mm to Energean Oil & Gas to fund a 4-well program. It is aimed at doubling Energean’s production from the Prinos and South Kavala areas to 4,000 bbls per day by year-end and help finance the development of the 32 mm bbl Epsilon structure in 2014 via an unmanned platform tied back to the Prinos production facilities.
Jan 2013: Greece will hold a licensing round in the Ionian Sea and south of Crete in the first half of 2014. Prior to the round a seismic survey in this region will be acquired and processed by PGS.