Energean Picks Fugro to Help Identify Hydrocarbon Sites

Energean Oil and Gas SA, Greece’s only hydrocarbon producer, picked Fugro NV to improve the quality of recently obtained seismic data, with the aim of identifying new drilling targets in the north Aegean Sea.

Fugro will analyse the data, which Energean obtained from Greece’s Energy Ministry, for a maximum period of 13 weeks, the Athens-based company said in a statement today.

The data will be used to identify promising geological areas in the Prinos basin, Energean said.

Energean already produces 2,000 barrels of oil a day from two fields in the Prinos basin. That will rise to an initial 3,000 barrels when the Epsilon field begins phased production in 2013. The company has operations in Greece and Egypt.

To contact the reporter on this story: Paul Tugwell in Athens at ptugwell1@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net

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