The Company

Energean Oil & Gas is a private E&P company focused on Greece, the Adriatic, the East Mediterranean and N. Africa, and is the only oil & gas producer in Greece with an excellent track record in operating assets that have been producing oil and gas for 35 years in environmentally sensitive areas.

The company employs 480 dedicated and highly skilled professionals has a balanced portfolio of assets with production from the Prinos and North Prinos oil fields and the South Kavala natural gas field, offshore NE. Greece. It has 41 million barrels (2P) reserves and 16,6 million barrels contingent resources (2C) in Greece, audited by ERC Equipoise, as well as 2,4 TCF of natural gas (2C) and 25 million barrels of light oil (contingent and perspective) at the Karish and Tanin fields, offshore Israel.

Moreover, the company has significant development and exploration potential in the licenses held in Adriatic, Western Greece and Egypt, which provide the basis for future organic growth.

Our assets

Energean holds a 100% working interest in the Prinos and South Kavala development areas within the Prinos Basin, offshore Northern Greece, in the Gulf of Kavala, where it produces oil & gas and has 41 million barrels of oil 2P reserves, as well as 16,6 million barrels of oil contingent (2C) resources audited independently.

The company also holds a 60% working interest (Operator) in the 25-year exploitation license of the West Katakolo offshore field, where oil and gas were discovered and tested in the ’80s. Energean estimates that West Katakolo has 10,5 million barrels of oil recoverable (2C) resources, aiming to start production by 2020.

In March 2017, the company agreed to farm out to Repsol a 60% working interest of the Ioannina and Aitoloakarnania onshore blocks, Western Greece. Repsol will be the Operator, while the farm out is subject to the approval of the Greek Government. Energean has been exploring the Ioannina block since October 2014, while it has signed (May 2017) a Lease Agreement with the Greek Government for oil & gas exploration and exploitation at the Aitoloakarnania block.

Moreover, Energean Israel, in which Kerogen Capital has agreed to invest 50 million dollars and acquire a 50% stake, holds a 100% working interest in the Karish and Tanin leases and plans to submit an Field Development Plan to the Israeli Government within the first half of 2017, aiming at producing gas by 2020.

Energean also holds a 100% working interest in the Concession of two offshore blocks in Montenegro.

Energean is also the Operator in the West Kom Ombo block, Upper Egypt, where it holds a 60% working interest.

Prinos development programme in progress

The company is executing a $200mm new investment programme for 2015-2018, aiming to develop the 41 million barrels of oil 2P reserves. The rig “Energean Force”, which was purchased from KCA Deutag and has undergone full refurbishment, is conducting the new drilling programme which consists of more than 15 wells at the Prinos, Epsilon and Prinos North oil fields. The investment programme is supported by Energean’s supply ships “Valiant Energy” ans “Energean Wave”.

Energean’s cash flow is supported by an off-take agreement with BP for the entire Prinos production. Energean’s assets are supported by established offshore and onshore infrastructure consisted of three offshore oil platforms, one gas platform and a comprehensive onshore plant with storage, offshore loading, de‐sulphurisation and power generation facilities. This infrastructure network allows quick and low cost monetization of the reserves.



Reserves & resources

Energean Israel, a 50-50 subsidiary of Energean Oil & Gas and Kerogen Capital, is the Operator and has a 100% working interest of the Karish and Tanin natural gas fields, offshore Israel. The two fields have 2,4 tcf of natural gas (2C resources) and 25 million barrels of light oil (contingent and perspective resources), that is circa 320 million barrels of oil (2C) equivalent.

Moreover, Energean has been consistently increasing oil reserves and resources in the Gulf of Kavala. Developed and undeveloped 2P reserves are now estimated 41,5 mmstb, while contingent oil resources (2C) are estimated 26 mmstb, according to a CPR from the independent auditor ERC Equipoise Ltd, completed in December 2016.

Energean also estimates that the West Katakolo offshore block, which entered the exploitation phase in December 2016, has 10,5 million of 2C resources that can be recovered.


Energean has an extensive drilling experience. More than 60 wells have been drilled in total offshore in the Prinos basin (Greece) where the company has been operating since 2007.

Moreover, Energean has drilled four wells onshore in Egypt.

Four Jack Ups (Energy Exerter, Ensco 85, GSP Saturn, GSP Fortuna) mobilized to Greece since 2009 and the Extended Reach Driling of a well during Epsilon Field development set a record in the Mediterranean with a length of 5,297 m. in 2010.

In 2014, Energean purchased its own drilling rig, “Energean Force”, which has been operating in the Gulf of Kavala since May 2015.


Energean Force Drilling

Energean Oil & Gas bought from KCA Deutag the self-erecting drilling tender rig “Glen Esk” on August, 2014. The rig is renamed “Energean Force”, it has undergone a full refurbishment at the Perama shipyards and it is now executing a 15-well drilling programme in the Gulf of Kavala, N.E. Greece.

Until May 2017, “Energean Force” has successfully completed the drilling of wells PA-35A, PA-40, PA-36, PA-41. PA-38 and PA-33.



The Jack Up rig Fortuna from GSP drilled the wells PB-23A and PB-34 in 2013. PB-23A had a final depth of 2987 meters, while PB-34 had a final depth of 3022 meters.



The Jack Up Rig Saturn from GSP drilled the wells PA-35 and EA-H2 in 2011. PA-35 well was drilled from Prinos Alpha Platform and went to 2976 meters. EA-H2 at the Epsilon Oil Field went to 4808 meters.



The Jack Up rig “ENSCO 85” drilled wells EA-H1 and PB-14C in 2009 and 2010 respectively. The Extended Reach Drill (EA-H1) during Epsilon Field development set a record in the Mediterranean with a length of 5,297 meters and is still the longest well drilled in Greece to date. Well PB-14C at Prinos Oil Field went to 2970 meters.



The Jack Up rig “Energy Exerter” from Northern Offshore drilled ERD in Prinos North (PNA-H3) in 2009. The well was side‐tracked from the old  PNA‐H1 well and drilled down to 4388 meters.



Sino Tharwa ST2 completed two wells in West Komombo in 2011, which went 990 and 915 meters deep respectfully.


Sengli Bohai

Two exploration wells have been completed in East Magawish. Sengli Bohai drilled the well EM-1 at 4114 meters and  EDC/EDC10 drilled EM-1 ST-1 at 4130 meters in 2012 and in 2013 respectfully. Both were ERD and were drilled from onshore to offshore in an environmentally sensitive area, close to the tourist resort El Guna.


Production Experience

About 115 million oil barrels and 850 million cubic meters of natural gas in total have been produced from the fields located at the Gulf of Kavala Development of Prinos oil field and South Kavala natural gas field commenced in 1979 and production started from both fields in 1981. The Prinos North field, which is located to the north west of Prinos after the drilling of exploration Well Prinos North-2 in 1994, was brought into production in 1996 via a development well drilled from the Prinos platform.

Prinos Oil Field

A total of 55 development wells have been drilled in Prinos Oil Field, with an average total depth of 3,000m, including original producers; water injectors,sidetracks and infill wells. Crude oil production commenced in early 1981 at initial rates of 8,000 BPD to 10,000 BPD and peaked at more than 27,500 BPD in 1985.

Currently, 14 producing wells and four injectors are active. The cumulative oil production at 31 December 2016 was circa 111 MMstb.

The proven productive reservoirs in the Prinos field occur at the top of the Pre-Evaporitic Sequence and comprise channel and distal fan turbidites created during the rapid subsidence of the basin during the Miocene (Prinos Group). These lie at depths of 2490 m to 2790 m TVDSS. Poorly sorted debris flow sandstones are present across the basin but form poor reservoir rocks.

The field, which is covered by 3D seismic data, is formed by a low relief fault-bounded anticline situated on the southerly down-thrown side of a major NNW-SSE trending listric fault (Figure 2-4 and Figure 2-5). The anticlinal structure is dissected by a number of normal faults that are sub-parallel to the main listric fault.

The field is separated in 4 main compartments, and in 12 different layers, with varied oil content. The field pressure ranges from 140 bars up to 400 bars, and the recovery of hydrocarbons is mainly achieved with the use of gas lift. The produced gas contains about 50% hydrogen sulfide. The reservoir is in a depth of 2500 to 2800 meters while the sea water depth in the area is 30 meters.

The oil produced from the Prinos oil field is an under-saturated sour crude with an API gravity of some 27 to 30 degrees and a high sulphur content. The dissolved gas oil ratio (GOR) is ca 675 scf/stb, with a high H2S content in the gas ranging from some 30 per cent in the B and C Sands to some 60 per cent in the A Sands. The solution gas is processed onshore to remove the sour gas. The oil formation factor at initial conditions is 1.38 rb/stb and the bubble point pressure ranges from 1175 to 2045 psig. The in-situ viscosity of the oil ranges from 0.55 to 0.8 cp at initial conditions, which gives a favourable mobility ratio under water flooding. The field was slightly over-pressured with an initial reservoir pressure of between 5,700 and 6,250 psia. Current reservoir pressures are reported to be in the range of 1,750 to 4,000 psia.

STOIIP is estimated at 289 MMstb.

Prinos North Oil Field

Prinos North comprises a similar reservoir with a most likely STOIIP estimate of 16 MMstb. The single active well in the Prinos North field produced 198 stb/d sour crude oil in 2015 at an average water cut of some 78 per cent. The cumulative oil production at 31 December 2016 was 4 MMstb.

The Prinos North oil field is a four-way dip closed structure that is separated from the Prinos field by a major listric fault that dips to the south. The field contains hydrocarbons in Miocene stacked turbiditic sandstones of the Prinos Group. The crest of the structure is at 2,100 m TVDSS. The anticlinal structure is dissected by a number of minor faults of which the most significant is a N-S trending fault with a variable throw of between zero and 300 metres. This fault gives rise to a downthrown western area with relatively low relief, penetrated by the three boreholes (two wells and one side-track), and an up-thrown eastern area that has yet to be drilled.

The oil from the Prinos North field is a moderate density, under-saturated sour crude, with an oil gravity of 21 degrees API. The crude oil contains about 7 % sulphur. The solution gas has a hydrogen sulphide content of some 30 per cent. The measured solution GOR is ca 300 scf/stb.

Epsilon Oil Field

The Epsilon oil field is an anticlinal structure some 3 km to the west north west of the Prinos oil field. Epsilon is a structural/stratigraphic closure formed from the confluence of two listric faults. It is located immediately to the west of the Prinos field and structurally separated by a shallow saddle. The trapping mechanism is structural/stratigraphic, with dip closure to the east and south, and reservoir pinch-out to the north and west .

The field was discovered in 2000 when Well E-1 tested sour crude oil with an API gravity of 36 degrees in reservoirs belonging to the Prinos Group at a depth of about 2800 m TVDSS. The well was side-tracked a year later to a location some 500 metres to the south east, confirming the reservoir presence and tested oil.

Energean drilled an extended reach appraisal / development well from the Prinos platform in 2009-10. Two sub-horizontal legs were drilled into the reservoir. The well produced oil from January 2010 for a 12 month period, with an initial rate of over 2000 stb/d. By the time a workover was undertaken in February 2011, when the casing was found to have collapsed, the oil rate had declined to 400 stb/d and the cumulative oil production was just over 0.3 MMstb.

STOIIP is estimated at 44 MMstb.
South Kavala

The South Kavala Natural “Sweet” Gas Field was the first hydrocarbon reservoir discovered in Prinos – Kavala Basin. It covers an area of 4 km2 and is located approximately 11 km southwest of Prinos Field in a water depth of 58 m.

The field has been producing since 1981 and has produced more than 850 million m3. As is it is now 91% depleted, there is just intermittent production at a rate of 17,000 Nm3/day and 50-60 bbl of condensate oil for seven days a month approximately.


Off-Take Agreement


Karish and Tanin contractor


Gas transportation


Independent Auditors

erc dnv grant-thornton

Rig Management


Engineering & Project Management


Financing support


Energean Israel Partner

Geophysical Surveys

Dolphin Geophysical


 Drilling services








04-The-Energean-Story---About---Memberships---EBEA         05-The-Energean-Story---About---Memberships---ΣΒΒΕ         06-The-Energean-Story---Memberships---ΕΕΔΕ



Our values

Energean aims at fulfilling its Vision by adhering to the following Values:

Responsibility in all our actions and areas, where we conduct our business.
Excellence in everything we do, deploying best practices to achieve profitable and sustainable growth.
Integrity towards our shareholders, promoting transparency and accountability and towards our employees and business partners, aiming at cultivating a unique corporate sustainability culture.
Commitment to a talented workforce, investing in our people’s development.
Caring for the environment, reducing our environmental footprint.
Engagement with the local communities, meeting their expectations and needs.

We believe that putting our values into practice creates long-term benefits for shareholders, customers, employees, suppliers, and the communities we serve.

Vision, mission and principles

1. Our vision
Our Vision is to become the leading independent E&P company. Our primary objective is to create value for all our stakeholders and be capable of sustainable economic growth, by being dynamic and innovative. By adhering to our corporate principles and values we aspire to be a responsible corporate citizen and to be recognised as a global champion in sustainability issues.
2. Our Mission
The overall goal of Energean is to add stakeholder value through sustainable development, taking into account all economic, social and environmental aspects of our business.
3. Our Corporate Principles
· Being Ethical and Responsible
· Being Transparent and Accountable
· Creating an attractive Workplace and being an Employer of Choice
· Mitigating Environmental Impacts and Minimizing our Footprint
· Supporting Local Communities


Energean’s Code of Conduct (the “Code”) is a statement of Core Operating Principles and Values and has been designed to establish clear guidelines for our daily business conduct and ethical behavior. It is essential that each of us in Energean has a clear understanding of what our business conduct is expected to be, as well as the consequences of any eventual noncompliance.

Our Corporate Principles are the guidelines for our success and our people are our valuable assets to the achievement of our goals. It is our collective responsibility to ensure that those principles are shared, adhered to and respected. This Code of Conduct sets the standards by which all employees must work & act, and defines our
responsibilities towards all affected – directly or indirectly – by our business activities.

Our Code of Conduct applies to all the people of Energean, and we use the term “we” to refer to the Energean Group as a whole, no matter which country or function you may reside in.

Download Energean Code of Conduct

Management Team
Board of directors

Mathios Rigas, Chairman & Chief Executive Officer

Mathios Rigas

Mr. Rigas is a founding shareholder of Energean Oil & Gas and has been Chairman and CEO of the Group since 2007. Mr Rigas is a Petroleum Engineer with a combination of oil & gas and investment banking experience.

Prior to setting up Energean Oil & Gas Mr Rigas spent 18 years in investment banking and Private Equity investments in oil & gas, Project Finance and Shipping. From 2001-2007 Mr Rigas set up and was in charge as Managing Partner of Capital Connect Venture Partners a Greek investment fund. From 1999 until 2001 Mr. Rigas was in charge of Piraeus Bank’s Shipping Investment Banking division.

Prior to that (1993-1999), he was Vice President of Shipping, Energy & Project Finance at Chase Manhattan Bank in London where he arranged financing in excess of USD5 billion, mainly in the Oil & Gas sector. Mr. Rigas holds a Degree in Mining and Metallurgical Engineering from the National Technical University of Athens and an MSc / DIC Degree in Petroleum Engineering from the Imperial College.

Stathis Topouzoglou, Director

Stathis Topouzoglou

Founding shareholder of the company and successful entrepreneur with more than 30 years experience in founding and growing companies in the energy transportation sector.

Principal Shareholder and CEO of Prime Marine Corporation, a worldwide leading product tanker company with a fleet of 26 modern product tankers, LPG and Ammonia carriers.

Mr. Topouzoglou has invested in the largest solar panels manufacturing company in Greece and in developments of solar parks.

He holds a BA in Business Administration and Economics from the University of Athens, Greece.

Panos Benos, CFO

Panos Benos

Mr. Benos has extensive experience of working on international projects in the oil & gas sector, both in banking and industry, with a long track record of upstream financings in emerging markets.

He joined Energean from Standard Chartered Bank, where he worked as a Director in their London Oil & Gas team, where he delivered a number of significant projects and acquisitions in Africa, Asia and Middle East.

Before that he worked for ConocoPhillips, where he held positions in European Treasury, North Sea Economics and International Downstream, with a focus on the North Sea, Central Europe and Middle East business. Mr. Benos began his career with Royal Bank of Scotland.

He is a Chartered Accountant (ICAS) and holds an MSc in Shipping, Trade & Finance from Cass Business School.

David Bonanno, Director

david bonnano

David Bonanno joined Third Point in 2008. His focus is on special situation opportunities in the US and Europe and acts as the primary investment professional for the Third Point Hellenic Recovery Fund, L.P.

Prior to joining Third Point, Mr. Bonanno was an associate in the Private Equity and Distressed Investments Group at Cerberus Capital Management, L.P. Previously, he was an analyst in the Restructuring and Reorganization Advisory Group at Rothschild Inc.

Mr. Bonanno graduated cum laude from Harvard University with a B.A. in Psychology.

Scott Leslie, Director

Scott Leslie

Scott Leslie joined Third Point in 2009. His primary focus is on equity and credit opportunities in the energy sector.

Prior to joining Third Point, Mr. Leslie was an Associate in the Private Equity division at The Carlyle Group. Previously, he was an analyst in the Financial Sponsors Group at Credit Suisse, where he focused on leveraged finance transactions.

Mr. Leslie graduated summa cum laude from Duke University with a B.S. in Economics.

Key Management

Dr. Stephen Moore, Technical Director

Steve Moore

Dr. Steve Moore is an EP technical professional with 28 years’ experience at Shell, Maersk Oil and Mubadala Petroleum. He joined Energean in 2014 from the position of Senior Vice President- Technical at Mubadala Petroleum where he successfully managed all technical functions of the company worldwide, including G&G, Reservoir, Drilling, Facilities, Projects, Operations, HSE and Technology.

During the last 14 years of his career, Dr. Moore has held increasingly significant roles in Technical management, New Business Development, Asset and Company Management, shifting from Company and Country level to Regional and Global levels. During the first half of his career he worked in a variety of Operational and Process Engineering roles. Dr. Moore has worked extensively in the FSU (Kazakhstan, Turkmenistan, Uzbekistan, Azerbaijan and Georgia), in the Middle East (Oman, Bahrain, Qatar, Iraq), SE Asia (Brunei, Thailand, Malaysia and Indonesia) as well as the UK sector of the North Sea.

As a passionate problem solver, Dr. Moore enjoys applying his broad based experience equally to developing imaginative solutions to complex technical problems as well as the business management of convoluted multi-partner operated and non-operated ventures.

Dr. Moore holds a BSc in Chemical Engineering (1st class hons) from the University of Newcastle upon Tyne, UK and a Ph.D.in Chemical Engineering from the same University.

James Efstathiou, Exploration Director


Mr. Efstathiou is an Exploration Manager/ Geoscientist with 35 years of oil industry experience, previously working as Global Exploration Manager (2014-2016) and Exploration Manager (2012-2014) at Mubadala Petroleum and being responsible for all captured assets and Exploration New Ventures.

Prior to Mubadala, Mr. Efstathiou worked for Statoil in the UAE (2008-2012) as Middle East New Venture Manager responsible for all exploration and development projects in the region.

He also worked with Statoil Hydro (2007-2008, as Middle East explorationist responsible for Iraq G&G, licensing rounds and farm-in / farm-out opportunities) and Norsk Hydro (1993-2007 as Senior Geophysicist offshore West Africa, Chief Geophysicist working in Brazil and Gulf of Mexico, Manager of Global Volume and Risk Group and, finally, as Subsurface Manager )

Between 1983-1993, James Efstathiou worked as A Geophysicist with BP (London, Holland, Glasgow) after having started his professional career working as a secondee to at Saudi Aramco in London.

James Efstathiou holds a BSc (Hons) in Geophysical Science FROM Southampton University. He was born in 1958 and speaks English, Greek, Norwegian, and Dutch.

Fred Riddiford, Reservoir Engineering Manager


Fred Riddiford is a Reservoir Engineering/ Project Engineering Technical Professional and Senior Manager who has worked on oil and gas related projects and challenges around the world for the past 40 years and joined Energean in June 2016.

He previously worked in the Petro-Technical Group in Mubadala Petroleum as Vice President Reservoir Engineering (2013-2016) and Director Reservoir Engineering (2011-2013) in Abu Dhabi.

Prior to this he worked for the British Petroleum Company for more than 35 years, starting his career as a Research Physicist at BP’s London Research Center (1974 -1984) before transferring to the E&P arm of the Company in 1984 as a Reservoir Engineer. Early activities saw Fred exposed to Magnus production operations, North Sea well testing and Wytch Farm field studies and development activities, as well as Specialist Reservoir Engineering Studies working out of the London Head Office.
From 1992 to 1995, Fred worked as the Senior Reservoir Engineer in the ARAMIS Technology Project, a JV formed between BP and ELF, developing new 3D techniques for use in the G&G and RE/PE technical arena, which rolled out and implemented on live projects within BP and ELF.
More recently, Fred worked on the development of the In Salah Gas (ISG) Field (1996-2001, Team Lead and Senior Reservoir Engineer during the Appraisal and Development Planning Phase and Subsurface Manager during the Execute Phase, 2001-2004), winning a BP Helios Green Prize Award in 2005 for the ISG CO2 Re-injection Project, which saw ~1 million tonnes of CO2 sequestered per year from the produced gas stream.

Fred’s last position in BP was as the Technical Manager of the Growth/Technical Directorate (Middle East & South Asia SPU, 2004-2010), during which he worked on a number of key growth opportunities in these regions.

Vincent Reboul-Salze, Facilities Engineering Manager


Mr. Reboul-Salze is a production facilities engineer with 10 years of industry experience, mostly gained at Shell Upstream International. He joined Energean in 2014, after having lead for over 3 years the process engineering team in charge of Kashagan field Start-Up in Kazakhstan, for Shell/ AGIP KCO. Prior to that, he worked with Shell Upstream development teams, where he supported new business development and “concept select” work focusing on facilities conceptual design and associating costing & opportunity preliminary economics.

He also worked for 4 years in the Dutch and Southern North Sea production areas (mainly gas fields), where he supported production operations and new facilities design & installation from the position of the Appraisal and Process Engineer. Before joining Shell, Mr. Reboul-Salze worked for 2 years with D2M Naval Architects where he conducted detailed engineering studies for Offshore floating structures.

Mr. Reboul-Salze is passionate about the upstream oil & gas industry and the breadth range of engineering skills that it involves. He is keen to always enhance team collaboration and enforce clear work process that are key for successful project delivery.

He holds a Master in Petroleum Engineering from the Institut Français du Petrole (IFP school) and a Master in Engineering from Ecole Centrale Paris.

Dimitris Gontikas, CEO & Vice Chairman, Kavala Oil

Dimitris Gontikas

With over 25 years of senior management experience in private and public sector, Dimitris Gontikas has successfully handled union issues as well as extremely volatile shareholders environments.

He has served as President and CEO of Panathinaikos FC and he holded various administrative positions in the highly competitive market of Media and Communication including Greek Television SA , NOVA / Supersport Channels, MACEDONIA TV, ANTENNA TV, BBDO and Mondial Promotions.

Before starting his career in the media market, Gontikas worked for five years as a legal advisor. He is a licensed attorney, he holds a LAW degree from Athens University and an LLM from Duke University, NC, USA.

Dimitris Gontikas was born in Athens in 1960. He is married and father of two sons.

David Donaldson, Well Engineering Manager

David Donaldson

David Donaldson is a Petroleum engineer with drilling specialization with over 30 years of industry experience

David joined Energean from the position of Well Engineering manager at Petroceltic, Algeria where he was responsible for the drilling of 124 land wells, including the planning, programming, recruitment and delivery of 30 early wells and field infrastructure of tight gas, as well as the HSE management, Risk Analysis, QA/QC management and cost management.

Previously, he served as drilling engineer in senior positions for BG Group (Vice President, Well Engineering Manager, Wells Team Leader in Tynisia, Wells Team leader in Oman), Shell (Asset Divestment), Eni (Petroleum Engineering Coordinator), Petro-Canada (Snr Petroleum Engineer) BHP Biliton (Well Services Superintendent)and Halliburton (Senior Advisor Snubbing and HWO, Coiled Tubing Managaer).

Dave Donaldson holds a Master in Petroleum Engineering from the Heriot Watt University.

Angelos Mastrantonis, Vice Chairman/Managing Director Energean Oil & Gas SA, Group HR Manager


Mr. Mastrantonis has a longstanding work experience in management and business administration.

He joined Energean in 2011 in the position of Human Resources and Administration Manager and since July 2016, he serves as the Managing Director of Energean Oil & Gas SA Greece and a member of the board.

He has the overall responsibility for the HR & Admin function providing decision-making support and leadership along with management of business critical, large scale projects.

Mr. Mastrantonis obtained his business administration degrees (holds a BA and an MBA) from University of Staffordshire in the UK and an MSc in Human Resources Management from Athens University of Business and Economics.

Vassilis Tsetoglou, Group HS&E Manager


Vassilis Tsetoglou started his career in 1992 in the area of electrical engineering & telecommunication systems, providing services to private and state employers. After that, he participated inthe project management of electrical and mechanical projects as an employee of the technical company “Eurotech Services S.A.”
He provided services as a technical collaborator to the “Technological Educational Institute of Eastern Macedonia and Thrace”, in parallel with his other activities for more than 10 years.

In 2001 he started working in the Oil & Gas industry as Electrical and Instrumentation Engineer, Electrical & Instrumentation Superintendent and Technical Services Superintendent in “Kavala Oil S.A.”
Since 2005 he is working in HSE Management in potentially high H2S environments in the O&G industry and since 2015 he is the Group HSE Manager in “Energean Oil & Gas S.A.”

He is certified as Head of Internal Inspections of ISO 9000/94 Quality Systems by the TÜV Greece and trained according to International Maritime Organization as Security Officer for Port Facilities from the Hellenic Register of Shipping. He is also a member of the Technical Chamber of Greece and the Greek Association of Dipl. Electrical & Mechanical Engineers and author of the book “Electrical Installations Studies from theory to resolution with computer”.

Mr. Tsetoglou holds a BEng and a MEng in Electrical Engineering from the Department of Electrical Engineering of Aristotle University of Thessaloniki and a MSc in “Technologies in Environmental Legislation” from the Department of Environmental Engineering of Democritus University of Thrace.

Shaul Zemach, Country Manager, Israel


Shaul Zemach is a leading Israeli Energy and Infrastructure expert, who joined Energean Israel since it was established.
Mr. Zemach served as the Director-General of the Israeli Ministry of National Infrastructure, Energy and Water Resources from 2009 to 2013. Prior to his appointment, he served as the Director-General of the Israeli Ministry of Tourism.
In 2011, after the discoveries of significant Natural Gas volumes in Israel, Mr. Zemach was appointed by the Prime-Minister and the Minister of Energy as Chairman of an inter-ministerial committee to examine government policy on the natural gas industry in Israel, (Known as “Zemach Committee”) . The Committee submitted its final report to the Prime-Minister in 2012 and the policy was approved by the Cabinet on June 2013.
Mr. Zemach began his career in 1994 at the Ministry of Finance and served in various positions at the office. Inter alia as Coordinator for Macroeconomics and State budget, and Head of Energy and National Infrastructures at the Budget Department.
From 2002 to 2007 Mr. Zemach served as Deputy Budget Director at the Ministry of Finance where he was responsible for Transportation, Agriculture, Local Governments and Interior.
Mr. Zemach served on several Boards of Directors of various government-owned companies, including Israel Electric Corporation, BAZAN Oil Refineries, Israel Railways, and Israel Airport Authority. In 2006 he was Acting Chairman of Israel Airport Authority Council.
Mr. Zemach participated in the program “Enhancing Municipal Leadership in Israel”, at John F. Kennedy School of Government, Harvard University. He holds a Bachelor in Economics and International Relations from the Hebrew University and a Master in Public Policy from Tel Aviv University.
He has been also a Member in Boards of Directors of leading Energy and Financial corporations in Israel.

Dr. Medhat Tarakhan, Country Manager, Egypt

Dr. Medhat Tarakhan

Dr. Tarakhan has 37 years of extensive experience in the oil industry mainly in the Middle East and Africa regions and has spent 29 successful years in exploration and oilfield development with BP, Repsol, Repsol-YPF, Kuwait Energy Company Limited, PGNiG and Madison PetroGas that lead to over 58 Commercial Oil discoveries that developed to small – mid size Oil and Gas fields. He Has spent 8 successful years in oilfield Techno-Commercial studies and regional business development with Ryton Exploration, reservoir Characterization and Development Solutions Company, Schlumberger and Halliburton.

Dr. Tarakhan is a reservoir characterization specialist and is an AAPG Certified Professional Petroleum Geologist, (CPG # 5120).

Dr. Tarakhan, also lectured advanced petroleum geology at Ain Shams University and has been elected as a distinguished lecturer in regional institutes and universities in the Middle East, Africa and Spain.

Dr. Tarakhan has a B.Sc. (Hons.) in Geology, M.Sc., and Ph.D’s in Petroleum Geology and Reservoir Characterization. He is a fellow of the Geological Society of London.

Costas Ioannidis, Kavala Oil Installations Manager

Costas Ioannidis

Costas Ioannidis is the Manager of the “Sigma” Plant in Kavala, since November 1999.

In 1984 was employed by North Aegean Petroleum Company (N.A.P.C.) as Process Engineer, became Senior Process Engineer in 1987, Head of Technical Services in 1992 and Chief Engineer in 1997 until May 1999 when the company terminated its operations and the facilities came to the position of the Greek State.

During the period of maintenance and security of the facilities from May to November 1999 he was the Project Manager with Eurotech Services S.A. who were assigned the project by the Greek State.
He Holds a BSc and MSc in Chemical Engineering from the University of Waterloo, Canada and author of the thesis “Modeling of Axial Dispersion Tubular Flow Reactors” (1978), he started his career in March 1979 at ESSO Canada in Sarnia Ontario Canada as Process Engineer, continued as Operations Engineer from July 1981 until November 1982, at which time he left ESSO and Canada and returned to Greece.

From February 1983 until June 1984 he worked as Operations Engineer at Ethyl Hellas in Thessaloniki.

Vassilis Zenios, Project Manager

Zenios WEB

Vassilis Zenios is the head of the Epsilon Project. He has a 25 years oil and gas experience, offshore construction, pipelines and heavy lift installation Contractors.

He joined Energean in 2015, after working for 10 years with Versabar Inc, innovative offshore heavy lift solutions and execution services to operators, notably the simultaneous raising of the LIMA field complex platforms and bridges, East Java Sea Indonesia.

He worked for 15 years with Saipem, in various worldwide locations performing fast track offshore pipelines and heavy lift projects.

Corporate structure

Energean corporate structure Νovember 2016


March 2017
Repsol agrees to farm-in to Ioannina and Aitoloakarnania concessions

March 2017
Energean signs concession agreement for E&P in two offshore blocks with the State of Montenegro

March 2017
Prinos well PA 38 comes on stream

February 2017
Kerogen Capital agrees to invest in Enrgean Israel

November 2016
Energean secures a 25-year exploitation license for the West Katakolo offshore field

October 2016
Prinos well PA -41 comes on stream

August 2016
Energean Israel buys from Delek Drilling and Avner the natural gas fields Karish and Tanin, offshore Israel

July 2016
Prinos well PA-36 comes on stream

May 2016
EBRD and Energean sign a US$ 75 million Reserve Based financing to support the ongoing investment plan

April 2016
Prinos well PA-40 comes on stream

December 2015
PA-35A, the first well drilled in the context of the 2015-2017 drilling programme comes on stream

September 2015
Energean completes the first Airborne Gravity Gradiometry survey ever to be conducted in Greece (Ioannina onshore block)

July 2015
Energean completes the first 3D seismic survey ever to be conducted in the Aegean Sea (Prinos Basin) since 1997

April 2015
Energean inaugurates the rig “Energean Force” in the Perama Shipyards

February 2015
Energean submitted two bids for oil & gas exploration and exploitation for the blocks Aitoloakarnania and Arta/Preveza in W. Greece

September 2014
The Greek Parliament ratifies the License Agreements with Energean regarding Ioannina and Katakolon blocks

August 2014
Energean purchases the tender assist drilling rig “Glen Esk” from KCA Deutag which will be renamed to “Energean Force” and implement the new drilling program in Prinos.

May 2014
Energean Oil & Gas signs two license agreements with the Greek Government for hydrocarbons exploration and exploitation in the Ioannina and Katakolon blocks.

February 2014
The company announces a record breaking safety performance in 2013 at Energean’ s facilities in Kavala, with no minor or major accidents occurring at eitherthe onshore facilities or on the offshore production platforms.

January 2014
Energean Oil & Gas signs a 6-year offtake agreement with BP for the entire oil production from the fields in the Kavala Gulf.

November 2013
Oil production from Prinos increases 850 bbls a day to 2300 bbls a day in total, including Prinos North, following the successful implementation of infill wellPB-34.

August 2013
Third Point invests $100 million in Energean Oil & Gas.

July 2013
Commencement of New Drilling Operation with GSP Fortuna.Energean Oil & Gas selected as preferred bidder for the Ioannina Block, onshore Greece.

March 2013
The Greek Parliament ratifies a 25-year extension of the Prinos Licenses.

July 2012
Drilling of EM-1 in the East Magawish, offshore in the southern part of the Gulf of Suez.Participation in the Greek Open Door Invitation for three explorationareas in Western Greece (Ioannina, Patraikos Gulf & Katakolo)

September 2011
3-year exploration period extension for West Komombo Concession.

March 2011
Drilling of WKO-3X in the West Komombo Field Concession.

February 2011
Successful completion testing & placement on production of PA-35 infill well.

December 2010
Drilling of WKO-1X in the West Komombo Field Concession.

May 2010
Farm in Agreement with Groundstar Resources Egypt, for a 70% working interest and operatorship of the West Kom Ombo Block, Upper Egypt.

January 2010
Successful completion of EA-H1 well in the Epsilon Field, reaching 5300m MD.Aegean Energy acquires 100% of the Concession Rights for the East Magawish Block inthe Gulf of Suez, Egypt.

September 2009
Jack-Up Rig Ensco-85 starts drilling operations of ERD well EA-H1 in the Epsilon Field.

July 2009
Aegean Energy announces successful completion of well PNA-H3 in Prinos North field.Initial daily production rate of 2000 bbls/day.Energy Exerter Rig departs from Kavala.

March 2009
Jack-Up Rig Energy Exerter arrived in Kavala.

Drilling operations for the well PNA-H3 in Prinos North commences.

October 2008
Aegean Energy signed agreement with Northern Offshore Ltd for the Jack-Up Energy Exerter.

Extension of Development License from the Greek Ministry of Development.Aegean Energy initiates a new development plan for Prinos North and Epsilon fields.

Aegean Energy acquires Eurotech shares from Regal Petroleum and takes control of 66.6% Kavala Oil common shares and 95% of Kavala Oil Preference Shares.

September 2005
The management of the Company is passed over to the employees.

January 2005
A second affirmative exploration well (KALLIRAHI-2) in Kallirahi showed a non-commercial discovery.

January 2004
Exploration well KALLIRAHI-1 was drilled in Kallirahi area with no commercial viable results.

September 2003
The 86.11% shares of EUROTECH SERVICES in KAVALA OIL S.A. is passed over to Regal Petroleum plc. which is committed to implement a big investment anddevelopment program in the exploitation region.

June 2003
The Prinos exploitation permit is extended for 5 years until June 19, 2008 due to the discovery of the commercially exploitable field EPSILON.

July 2002
The EPSILON reservoir is confirmed with exploration well EPSILON-1A.

January 2001
The sour crude oil reservoir EPSILON is discovered with an exploration well 4 km west of Prinos platforms.

November 1999
Ratification of the Agreement 2779/99 between the Greek State and KAVALA OIL S.A. which is comprised of two companies, EUROTECH SERVICES and the ASSOCIATION OF EMPLOYEES.

May 1999
The N.A.P.C. consortium withdraws its involvement, and the facilities are passed over to the Greek State which assigns the maintenanceand the security to Eurotech Services S.A.

December 1998
Production of oil and gas is interrupted due to the gradual drop of oil production rates and prices, which made the operation not economical.

August 1996
The Prinos North reservoir is developed with a horizontal well from the Alpha platform. Production begins covering about 20% of total production.

Prinos North reservoir is discovered with an exploration well drilled 3 km north of Prinos platforms.

November 1985
P.P.C. (Public Petroleum Corporation) becomes an equal member of the Consortium (0% in well-known areas, 15% in neighbouring areas which have been studied geologically in full, 25% in neighbouring areas which have not been explored in full).

August 1982
The Prinos field produces 25000 bpd crude oil as per design.

July 1, 1981
Start-up of Prinos oil production facilities. All facilities in operation (offshore and onshore) by the end of the month.

May 24, 1981
Official inauguration of the entire Prinos / South Kavala oil and gas production facilities.

Start of South Kavala gas production.

October 1980
Completed installation of submarine pipelines.

July 27, 1980
Installation of Kappa gas production platform at South Kavala.

July 1979
Drilling platforms Alpha and Beta were installed at Prinos.

July 1977
Delineation wells Prinos-5/5A and Prinos-6 confirmed the extent of the Prinos reservoir.

December 1976
North Aegean Petroleum Co EPE was founded as operator for the Consortium’s activities in Greece.

August 1976
Denison Mines took over the 68.75% interest of Oceanic.

June 1976
Exploration well Ámmodhis-1 shows signs of oil. Well was abandoned.

November 1975 – April 1976
Prinos-3 and Prinos-4 wells confirmed the existence of Prinos reservoir.

May 1974
Interests in the Consortium change to:

Oceanic (68.75%)
Hellenic (12.50%)
White Shield (6.25%)
Wintershall (12.50%)

March 28, 1974
Confirmation well Prinos-2 is tested with 3600 bpd oil.

February 1, 1974
Exploration well Prinos-1 discovers the Prinos reservoir with a test flow of 2950 bpd crude oil.

November 26, 1973
Wintershall A.G. takes over 12.5% of Colorado.

June 8, 1973
Exploration well Kavala-2 abandoned – no discovery.

December 31, 1972
Exploration well Kavala-1 discovered a gas/condensate reservoir.

December 6, 1971
Seismic Exploration Work

Exploration well East Thassos-1 abandoned as there was no commercial discovery.

Forming of a Consortium: Oceanic (50%), Colorado (12.5%), Hellenic (12.5%), Fundamental (12.5%), White Shield (12.5%).

December 1969
Execution of the Agreement for the Exploration and Development of Liquid and Gaseous Hydrocarbons in the Sea of Thrace, between the Kingdom of Greece and Oceanic Exploration Co.

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