Greece-based Energean Oil & Gas has unveiled a hydrocarbons exploitation plan of up to 60 million euros to exploit a deposit off southwest mainland Greece, at the Katakolo site.
The business plan, which was presented during an event in the town of Pyrgos, the capital of the prefecture where coastal Katakolo is located, initially foresees land-based horizontal drilling, and specifically from a location next to the municipal waste treatment plant in the Katakolo area.
Drilling is scheduled to begin in the winter of 2017, with a vertical depth of 500 meters attained before turning horizontal to access the oil deposit at a depth of 2,600 meters and at a distance from the shoreline of 3.5 kilometers. The drilling and extraction is not expected to interfere with the seabed or any maritime environment.
