The European Bank for Reconstruction and Development (EBRD) and Energean Oil & Gas have signed a $75 million financing package to support the company’s ongoing $200 million investment plan to develop the Prinos and Epsilon oil fields offshore northern Greece.

According to a press release by Energean and EBRD, the package is also meant for funding Energean’s energy efficiency investment program.

The EBRD started investing in Greece on a temporary basis in 2015 to support the country’s economic recovery.

The Prinos and Epsilon oil field development project includes drilling of 15 wells and installation of a satellite platform to the main Prinos offshore facilities.

As of December 31, 2015, Energean’s reserves (2P) have been independently certified at 30 million barrels, with an additional 28 million barrels of Contingent Resources (2C) and significant exploration potential that has been identified through the 3D seismic campaign shot by the company in 2015 over the Prinos License area.

Oil accounts for roughly 50 per cent of the total energy supply in Greece. Due to decades of underinvestment, local production remains far behind its potential, the press release said.

On the occasion of the loan signing, Eric Rasmussen, EBRD Director, Natural Resources, said: “We are pleased to sign this financial package with Energean today as it is our aim to support Greek companies in a competitive market. Strengthening local business so that they can grow and prosper is key for the recovery of the country’s economy.”

Mathios Rigas, President and CEO of Energean, added: “EBRD’s financing is a milestone for Energean. Prinos is a 300 million barrels mature oil field with a relatively low recovery factor achieved to-date and the new investment programme will allow us to maximize the field’s potential and increase production to above 10,000 bbls/d utilizing the existing and new infrastructure.”