Energean Oil & Gas indefinitely suspends oil exploration program

19:50 27/11/2013 - Πηγή: Matrix24

Mathios Rigas, chairman and chief executive of the company, said that Energean Oil & Gas came to this decision as it was unable to proceed with its research program unless a supply contract with Hellenic Petroleum was revised.

According to an existing contract, Hellenic Petroleum is the exclusive buyer of the oil produced by

Kavala Oil, something that caused several problems to Energean Oil & Gas smooth investment activity, Rigas said, while he requested from Greek authorities the right to sell oil to BP as well.

“From January 2012 we emphasize that we must sell oil to BP. Without this precondition we cannot continue. It is not possible to invest, to put money and cannot sell to another party and to sell our oil to someone under outdated legislation and the Energy ministry remaining idle,” Rigas said. He stressed that the company was also having problem with finding a new drilling equipment.

Source: AMNA

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