Greece: EBRD approves loan to Energean for oil exploration projects

, SEE Energy News

The European Bank for Reconstruction and Development (EBRD) signed a deal with Greek sole oil producer Energean Oil & Gas on 20 million dollars loan in order to support existing and future projects.

Currently, the company has an output of some 4,000 barrels of oil per day from two offshore oilfields in the Prinos basin in northeastern Greece. There are about 30 million barrels of proven and probable oil reserves in the Prinos field. It also has 28 million barrels of contingent reserves where significant exploration potential was identified through 3D seismic surveys performed in 2015.

The statement from the EBRD said that this loan agreement follows a 75 million dollars loan agreed with Energean earlier this year, which is also related to the development of Prinos oilfield. The new loan will also support the introduction of new technology, investments to avoid gas flaring and a series of resource efficiency investments in order to opzimize the supply and use of energy.

The representatives of Energean Oil & Gas stated that there is also potential from ongoing exploration activities in onshore Ioannina and offshore Katakolo blocks in western Greece, transmits