Greece: Financial support package for Prinos oilfield submitted to the Parliament

Financial support plan was previously endorsed by the European Commission; the financial support package for the Prinos oilfield, operated by Energean Oil & Gas, which includes state-guaranteed loan in the amount of 90.5 million euros, plus a loan of 9.5 million euros directly from the Greek state, has been submitted to the Parliament for approval.

The financial support is based on a temporary EU support framework established to offer economic support in response to pandemic-related effects and will be provided by 31 December 2021, to be used to cover Energean’s investment and working capital needs over 12 months, and will have a maximum duration of 8 years.

Energean’s subsidiary which operates the field has recorded operating loss of 83.4 million euros in 2020, which forced the parent company to inject a total of 62.4 million euros in the subsidiary during 2020. Reportedly, the operation of Prinos oilfield incurred losses of about 120 million euros in 2019 and 2020 combined. Furthermore, losses of about 40 million euros are expected in 2021.

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