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Environment Min.: Hydrocarbon reserves exploitation a national issue

Energean Oil and Gas jointly with its subsidiary Kavala Oil and Gas will make 60,000.000 US dollars investment within the next period, announced on Saturday the president and managing director of the Energean Oil Mathios Rigas during an open event in Kavala library in the presence of Environment Minister Yannis Maniatis.

Maniatis expressed his satisfaction for this important development and noted that two years ago 'we were are at point zero' regarding the hydrocarbons exploitation and praised Energean Oil and Gas' credibility and consistency in hydrocarbons drilling and on the continuous investments in Greece. He called the hydrocarbon reserves exploitation a national issue underlining the common line that followed Greece's former governments towards this direction with crown the huge geopolitical selection of Trans Adriatic Pipeline (TAP).

"This country has a national priority to become energy hub of southeastern Mediterranean and of southeastern Europe" Maniatis said.

On his part, Rigas said that four new drillings will be held at the existing Prinos reserve which will multiply the production from 2,500 barrels to 4,000 barrels per day adding that the estimation in 1980 was that Prinos reserve will offer 64 million barrels of oil and until today it has given 120 million barrels and the 'reserve still has future'.

The Greek state is estimated to collect 300,000.000 US dollars from the new investments.

Source: Athens News Agency

Last Updated Monday, 22 July 2013
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