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Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

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Greece’s Energean Gets US$20-Million Loan From EBRD

Energean Oil&Gas, Greece’s single oil and gas producer, will receive a US$20-million loan from the European Bank for Reconstruction and Development to support existing and planned projects, according to a recent Reuters report.

The Greek firm, of which the American hedge fund Third Point owns more than 45 percent, boasts an output of 4,000 barrels of crude oil per day from two sites in the Prinos Basin.

Estimates say there are almost 30 million barrels of oil reserves lie in the Prinos field, located off the coast of the Greek island of Thassos.

The EBRD said the loan would be in addition to a US$75-million financing deal the bank made with the company earlier this year. The larger loan had been for the development of Prinos’ resources as well.

New technology designed to prevent gas flaring and an assortment of efficiency investments to existing sites in the basin will become functional as a result of the financing package, the bank added in a press statement.

Onshore drilling blocks in Ioannina and offshore ones in Katakolon demonstrated development potential in a 2-D seismic survey conducted in nearby Egypt this year.

The EBRD started investing in Greece in 2015 and has contributed to eight projects in the European country to date. The deals have a combined value of almost US$400 million, all of which benefits private and corporate endeavors.

Related: Will Iran Scare Away Big Oil Once Again?

"We are investing in Greece on a temporary basis in response to a request from the Greek authorities to support reforms and a return to economic growth,” the bank says on its website.

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Neal McCain, the head of the EBRD’s local office, said his institution would consider supporting the Trans-Anatolian and Trans Adriatic pipelines, both of which would allow Azerbaijan to economically transport natural gas to Italy, Greece and the rest of the European market.

Zainab Calcuttawala for Oilprice.com

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