The project life cycle’s development phase includes the period after an economic discovery has been made and foresees the steps and processes needed to take the discovery up to the production phase.
Discovered in the early 1980s and located on the west coast of the Peloponnese, the Katakolon field is currently the only area in Western Greece with a proven oil and gas discovery. Recoverable reserves are estimated at 18 million of boe. More specifically, the offshore area has confirmed oil and gas reserves, while the onshore area is promising for shallow biogenic gas discoveries.
In August 2016 the Licensee declared commerciality and entered the 25-year exploitation period. Production is set to commence after the approval of the Environmental Impact Study.