Energean Force (Energean Oil & Gas) (Tender Rig)

Energean purchases 'Glen Esk' tender rig

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27 August 2014

Energean Oil & Gas, the international oil & gas exploration and production company focused on the Mediterranean and North Africa has launched a new multi-million investment program that plans to develop up to 30 million barrels of reserves in North West Greece. Part of this new investment program involves the drilling of 15 new wells, to which end Energean has purchased the ‘Glen Esk’ tender rig from KCA Deutag. The price paid for the unit has not been released, but Energean plans to utilise its own drilling crews on the unit in order to keep costs down. It was previously reported in early 2014 that the ‘Glen Esk’ unit along with KCA Deutag’s other two tender rigs would be purchased by PrimePoint Oil & Gas however, this never materialised.

Source: http://www.energean.com/assets/files/Energean%20Rig%20Purchase%20Press%20Release.pdf


More News for Operator: Energean Oil & Gas

2 Apr 2015

Energean launches 'Energean Force' Prinos drilling programme

Energean Oil & Gas (“Energean”), the international oil & gas exploration and production company focused on the Mediterranean and North Africa, is pleased to announce that the Inauguration Ceremony for its new rig name Energean Force took place at the Perama Shipyards, in Piraeus, on April 2nd 2015. The ceremony signals the biggest drilling programme ever to be carried out at the Prinos Oil Field since its development began. Energean Force was recently purchased from the German firm KCA Deutag and has undergone full refurbishment in order to conduct the drilling of 15 wells at the Prinos, Epsilon and Prinos North oil fields as part of a 200-million-dollar investment programme, which also includes the installation of a new platform (SIFT) in the Gulf of Kavala, Northern Greece. Energean has planned to develop 30 mmboe (2P) reserves which are independently audited by ERC Equipose, aiming to increase total production to the level of 10,000 oil barrels daily. Assuming that the Brent price varies between USD55 and USD70 per barrel, Energean estimates that the benefits (taxes, royalties etc.) for the Greek State will exceed USD400 million dollars. Of this amount, more than USD60 million will aid the local community through the 5% regional tax by Greek law. There also multiple direct and indirect gains to be made, including about 50 new jobs which will be added to the existing 307 employees who work at the Prinos offshore platforms, as well as at the onshore facilities in Nea Karvali. On the occasion of the Energean Force launch, Chairman and CEO of Energean Oil & Gas Mr. Mathios Rigas stated the following: “Today is an especially important day for our company and the local economy of Kavala as well as for the Greek economy as a whole. In particularly adverse circumstances, Energean is undertaking a large investment programme with 15 new drillings at Prinos. This programme is a sine qua non for oil activity to continue and for employment opportunities to be further enhanced in the region. Through increased oil production, the program will guard Prinos against fluctuations in international oil prices which can often be quite violent, as has been the case in the past months. The company, our scientists and our staff can guarantee the development of proven oil reserves in the Kavala Gulf to the benefit of the local community and the Greek economy, always in conditions of absolute safety, in perfect harmony with tourist activity and fully respecting the region’s unique natural environment. With the help of Energean Force, Prinos is advancing into a new era!”

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