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Image courtesy of Energean Oil & Gas.

Greece-based upstream Energean Oil & Gas launched a $225 million investment program Wednesday to develop offshore projects in Greece. The company also bought a new drilling rig from UK-based KCA Deutag.

The funds will be used to develop 30 million barrels of reserves in North West Greece and to increase production from the Prinos, Prinos North and Epsilon fields to 10,000 barrels per day by 2016.

The investment involves drilling 15 wells and installing two new unmanned platforms for the Prinos North and Epsilon fields. The platforms will be tied back to the existing infrastructure Energean already operates.

Since 2007, Energean has invested more than $250 million in its Greek projects.

Energean also purchased the tender assist drilling rig Glen Esk from KCA Deutag.

Energean said its its own crew will man the rig to reduce costs and give the company “operational flexibility to maximize recovery of the reserves from the Prinos basin.”

The new rig will be re-named Energean Force and is expected to start drilling in Greece in the beginning of December.

The Energean-operated Prinos field, the only proven and producing oil field in Greece, has already produced 115 million oil barrels.

Chairman and CEO of Energean Mathios Rigas said that the investment comes “at a time during which the Greek hydrocarbon sector is set to play a significant role in the attempt to lead Greece’s economy back to growth again, after a 7-year period of recession”.

According to an independent study, reserves at Energean’s offshore Greece assets in the Gulf of Kavala exceed 30 million barrels with best estimate contingent resources of 27 million barrels.