Energean Oil & Gas has received approval for its Field Development Plan for the development of the Kataloko field in Western Greece from the government's Hellenic Hydrocarbons Resources Management.
The FDP application was submitted in February 2017 after Energean secured the 25-year exploitation concession, announced in November 2016.
“Energean is now unlocking the value of this very important project for the country as well as revealing the potential for wider exploration of the East Adriatic region. Katakolo is a previously discovered oil and gas field that has so far remained undeveloped,” says Energean CEO Mathios Rigas.
The US$50 million development plan is targeting the 11 mmboe of recoverable oil that was discovered in the early 1980s by the state owned Public Petroleum Corporation, but remained undeveloped for decades.
Energean in a statement that it will now look to take a final investment decision on the project and drill the first wells in 2019, with first oil expected in 2020.
Energean holds a 100 per cent working interest and is the operator of the block.
Energean plans to develop Katakolo alongside its other current development projects, the Prinos Oil Field, which is part of the Prinos Concession located offshore North East Greece