EBRD invests $75m to build oil fields in Greece

An investment worth $75 million (£51m) will be made to support the construction of oil fields off northern Greece. The European Bank for Reconstruction and Development (EBRD) is providing pat […]

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By Jacqueline Echevarria

An investment worth $75 million (£51m) will be made to support the construction of oil fields off northern Greece.

The European Bank for Reconstruction and Development (EBRD) is providing pat of the funding for the project, which is owned by greek firm Energean Oil & Gas.

The company has invested $200 million (£136m) for the Prinos and Epsilon projects which includes the drilling of 15 wells and installation of a satellite platform to the Prinos offshore facilities.

Oil is the main energy source in Greece, accounting for around 50% of the total energy supply, according to the EBRD.

Mathios Rigas, President and CEO of Energean said: “Prinos is a 300 million barrels mature oil field with a relatively low recovery factor achieved to date and the new investment programme will allow us to maximise the field’s potential and increase production to above 10,000bbl/d utilising the existing and new infrastructure.”