Production from Prinos oil deposit increased by 50 percent

The production of the Prinos oil deposit in northern Greece, off the port city of Kavala, increased by 50 percent from 2,000 to 3,000 barrels per day, following the successful completion of PA-35 drilling, which is expected to produce reserves of 1.8 million barrels over the next four years, according to an announcement on Tuesday by Energean Oil & Gas, which has the exploitation rights.

The PA-35 drilling is part of the 'Prinos 5000' program that aims to increase overall daily production to 5,000 barrels and foresees investments of 20 million dollars in 2011.

A total of one million barrels were produced from the region's deposits in 2010, while the target is to increase production by 50 percent to 1.5 million barrels in 2011.

The PA-35 drilling was inaugurated last December by energy deputy minister Yiannis Maniatias and took place at a depth of 2,327 meters, which was followed by the placement of the required equipment. Production commenced on February 11.

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