Energean Oil&Gas Raises Recoverable Reserves Estimate

Energean Oil&Gas Raises Recoverable Reserves Estimate

Energean Oil & Gas revised its estimate of recoverable oil deposits upwards by more than 10% to 30 million barrels.

Energean, Greece's sole oil producer in which U.S. hedge fund Third Point LLC controls 44.5%, produces about 1,700 barrels of crude a day off the island of Thassos.

"Production from the Gulf of Kavala will continue for at least a further 15 years," the company's Chief Executive Matthios Rigas said in a statement, as quoted by Reuters. Energean and its predecessors have produced about 113 million barrels of oil in the region over the past 33 years.

By using new technology Energean has raised recoverable reserves from 2 million barrels to 15 times that volume.

Previous Next
Test Caption
Test Description goes like this
Cookies Preferences
Choose Type of Cookies You Accept Using

These cookies are required for the website to run and cannot be switched off. Such cookie are only set in response to actions made by you such as language, currency, login session, privacy preferences. You can set your browser to block these cookies but our site may not work then.

These cookies allow us to measure visitors traffic and see traffic sources by collecting information in data sets. They also help us understand which products and actions are more popular than others.

These cookies are usually set by our marketing and advertising partners. They may be used by them to build a profile of your interest and later show you relevant ads. If you do not allow these cookies you will not experience targeted ads for your interests.