Project Profile
Location: Aegean Sea, Prinos-Kavala basin, Gulf of Kavala
Area: 6 sq km
2P Reserves: 16.9 mbbls
Water depth: 31 metres
Average Production: 3,177 bpd (2016)
Start-up Year: 1981
Prinos Oil Field is the main structure in Prinos-Kavala basin, located offshore in the Gulf of Kavala. Prinos Field covers an area of 4 km2, about 8 km north-west of the island of Thassos and 18 km south of the mainland of North Greece. It was discovered in 1971 and developed by Energean Oil & Gas. It began production in 1975 and produces oil. The total proven reserves of the Prinos oil field are around 90 million barrels (12×106tonnes), and production is centered around 1,900 barrels per day (300 m3/d). Crude oil production commenced in early 1981 at initial rates of 8,000 to 10,000 bopd and peaked at more than 27,500 bopd in 1985. Production has been declining since then, and on June 2009 the average gross oil production rate reached 1,200 bopd. In 2016, Energean Oil & Gas brought onstream a new oil production well at the Prinos field in the Gulf of Kavala, offshore Greece. The tender-assist drilling barge Energean Force drilled PA-35A, which is producing more than 1,500 b/d. This was the first of a campaign of 15 development wells designed to access 30 MMbbl of reserves from the offshore Prinos, Epsilon, and Prinos North oil fields.
The European Bank for Reconstruction and Development (EBRD) and Energean Oil & Gas have signed a US$ 75 million Reserve based financing to support the company’s ongoing US$200 million investment plan to develop the Prinos and Epsilon oil fields, and fund its energy efficiency investment programme. (19/05/2016)
Operators:
Energean Oil & Gas: Operator with 100% interest
Contractors:
GSP Offshore: Drilling contract
GMC LTD: Basic Design of a self-installing Buoyant Tower for the Prinos Field Development for Energean Oil and Gas (Athens, Greece). GMC developed a full field plan to connect the greenfield facilities to the existing offshore processing facility (Prinos Delta), including j-tube and riser retrofits.
BMT Argoss: Contract for an assessment of metocean conditions. (March 2016)