ACTIVE LICENSING ROUNDS

PRODUCTION

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HEREMA - Upstream Oil and Gas Exploration - Production

PRODUCTION

We are committed to ensuring fields are managed by licensees to ensure economic recovery of hydrocarbons while upholding the highest standards of safety and environmental protection.

Production licenses are granted for 25-year terms, extendable for up to two five-year periods. Should this period be insufficient, the agreement with the lessee(s) may be re-negotiated with HEREMA and a new agreement concluded.

Out of Greece’s eight active concessions, the Prinos block is currently the only one in the production phase. The Prinos-Kavala offshore basin is located in the North Aegean Sea, 6 km northwest of the Island of Thasos in water depths ranging between 30-50 m. Production is derived from three fields: Prinos, Prinos North, and Epsilon.

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KEY FACTS

Prinos

Licensees
Energean Oil & Gas: 100%
Type of license
Hybrid (exploration and exploitation) with 25-year production right
Block Size
105 Km2
Length of longest well
5,297m
Seismic Data
2,600 km (2D) and 618 km2 (3D)
Accumulated production
129 MMboe (in 2021)
Estimated reserves
36.00 MMboe 2P reserves and 64.00 MMboe 2C resources

PRINOS

Exploration in the Prinos basin commenced in the 1970s and the first discovery was made in 1974 in the Prinos field. Crude oil production was launched in 1981. The field has produced more than 120 million bbls since 1981.

The oil from the Prinos field is moderately heavy (27-28° API), undersaturated, and sour with a dissolved gas content of 674scf/bbl (120m3/m3).

The latest 3D seismic survey conducted in 2015 over the Prinos area led to an increase in the field’s 2P and 2C reserves and in the identification of several other potential plays and prospects in the vicinity. The field complex is eligible for funding through the RRF to develop the 1st CCS facility.

PRINOS NORTH

The Prinos North field was developed as a satellite field to Prinos in 1996, with production commencing the following year at an initial rate of 3,000 bbls/d. An extended reach well was drilled in 2009 reaching a total depth of 4,370 metres.

Oil is moderately heavy (17-24° API), sour, with a dissolved gas content of 253scf/bbl (45m3/m3), 20-30% H2S, and a high wax and asphaltene content.

EPSILON

The Epsilon field was discovered in the 1990s, when the E-1 well confirmed sour crude oil reserves at a depth of about 2800mTVDSS.

Crude oil from the Epsilon field has a light gravity of 36o API, H2S of 8-14%, and a dissolved gas content of 349scf/bbl (62.1m3/m3).

KEY MILESTONES*

Prinos exploitation sub-area

* Since the establishment of HEREMA

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  1. 2015
  2. 2016
  3. 2018
  4. 2019
  5. 2019
  6. 2020
  7. 2021
  8. 2022
  9. 2022
  10. 2022
  1. 2015

    Completion of a 340 Km2 broadband 3D seismic survey in the Gulf of Kavala surrounding the licenses (Prinos and South Kavala).

  2. 2016

    Completion of the Environmental and Social Impact Assessment (ESIA) for the Prinos offshore development project.

  3. 2018

    Drilling of a new ERD well from Alpha platform to enable continued production at the Prinos North field.

  4. 2019

    Production at the Epsilon field commences.

  5. 2019

    Three pre-drilled EL wells completed in the Epsilon oil field.

  6. 2020

    A €100 million funding package, backed by the EU and the Greek state, was granted for the Epsilon and Prinos development fields.

  7. 2021

    Energean commenced pre-FEED for the Prinos CCS project.

  8. 2022

    Resumption of production.

  9. 2022

    Pre-FEED for the Prinos CCS project is expected.

  10. 2022

    First license of Carbon Storage Exploration in Greece granted in Prinos (Sub-area: 40.6 Km2)

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