New oil exploration investment in Greek Kavala Gulf

Mar 16, 2009 01:00 AM

Development Minister Costis Hatzidakis characterised a new $ 200-mm (EUR 154.5 mm) oil exploration project in the Kavala Gulf of northern Greece as "one of the most important investments in Greece at the moment".
The exploration aims to exploits fossil fuel deposits in the North Prinos zone, undertaking by the companies Kavala Oil and Energiaki.

At a company presentation, Hatzidakis stressed that the state supports healthy and major investments, while he also underlined that the specific investment is being carried out completely with private capital.
The Greek minister, who holds the energy portfolio, praised the company's environmental protection over the past 30 years since it has been active in the Kavala Gulf region, between the northeast mainland and popular Thassos island.

According to company officials, the goal is production of 13,000 barrels of oil on a daily basis via three rigs above the deposit "E" of the North Prinos zone, and using the all-weather drilling technology "energy exerter".
One of the rigs has already arrived at the port of Kavala from Norway, following a three-month journey.

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