BP Buys Greek Prinos Oil Reserves

The Prinos oil field reserves now belong to the Britain's BP Oil International. The agreement for the sale was signed on Monday afternoon at the Greek Ministry of Environment, Energy and Climate Change, between Energean Oil, the Greek company exploiting the reserves and the British multinational giant.

According to press reports the US $500 million price tag concerns oil production estimates for the Prinos field over the 6 year duration of the contract at current oil prices. It also marks the return of BP to the Greek energy market, which the British company abandoned in 2009, selling its domestic assets to Hellenic Petroleum S.A.

The return is viewed as significant, in regards to the potential oil reserves in these particular Greek (and troubled) waters.

The government believes that the agreement will be of great economic benefit to Greece because it also demonstrates BP’s confidence in Greece’s (emerging) energy market.

     “Today’s development is proof that the Greek economy starts a new chapter. The presence of BP in Prinos ensures tomorrow’s oil production and the jobs associated with it, while sending to global markets a message of confidence to the Greek economy and Greek companies,” stated Greek Energy Minister Yiannis Maniatis.