Value of the agreement, based on production projections and current oil prices, is €500 million ($681 million). Previously, the oil was sold to a local refiner.
Prinos and its satellite fields in the Kavala region provide Greece’s sole offshore production. Over the past six years Energean has invested more than €180 million ($245 million) to revive Prinos and its facilities.
The agreement with BP will allow the company to pursue investments that include drilling three new wells on Prinos and North Prinos, and two more development wells on the Epsilon oil field, southeast of Kavala.
The €150-million ($204-million) program is designed to double oil production in the Kavala Gulf from the current 2,500 b/d.