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.