GREECE AND THE GLOBAL ENERGY MAP What are the perspectives of the hydrocarbon Industry Mathios Rigas, Chairman & CEO HellenicAmerican Chamber of Commerce, 25th annual THE GREEK ECONOMY Conference Athens, December 1st & 2nd, 2014
Brent Oil Price June December 2nd, 2014 2
How Long will it last Where is the Floor 3
The two largest oil producers in the world 4
Effects of recent developments in the E&P Sector Oil majors have announced profits decline or even losses in Q3 and will undertake budget cuts Profits decline by 25%, further losses predicted In Q4 and budget cuts planned in 2015…
Hydrocarbons Exploration in Greece July 2011 January 2012 July 2013 March 2014 May 2014 September 2014 Today 2012 Law 4001/11 Open Door 2012 Award Award Signing of the Ratification of Open Door New Legal Ioannina/ Katakolon lease…
New Concessions in SE Mediterranean Croatia Montenegro Albania Cyprus Israel Egypt 7
Active Lease Agreements in Greece 1969 PRINOS 2013 Extension of 2014 Licenses IOANNINA 2014 PATRAIKOS 2014 8
New Licensing Rounds in Greece 2015 Western Greece 3 onshore blocks Greece Mega Project 20 offshore blocks 9
The turnaround of Prinos: US200 million investment 200713 30 30 24 25 20 17 mmbbls 15 11 10 7 5 5 2 0 2008 2009 2010 2011 2012 2013 2014 Prinos Prinos North Epsilon ERD Prinos 5000 Prinos North ERD Epsilon FDP New…
Prinos : 200 million New Investment Program 20142016 Epsilon field New platform Pipelines to the main complex 7 wells Prinos 7 new wells 11
Energean Force: Own drilling rig, for the first time in Greece
The result of US200 million new investment in Prinos Operating Breakeven (/bbl) 70,0 68,5 60,0 50,0 45,9 40,0 US/BBL 34,7 30,0 27,8 23,4 20,0 20,1 17,7 15,8 14,2 12,8 10,0 0,0 2.000 3.000 4.000 5.000 6.000…
The economic environment in Greece www.bloomberg.com
Conclusions Opened the Market after 15 Years of Inactivity Attracted Investors & Trying to bring the big names Has to move faster, set up EDEY & manage expectations New Oil Price Environment to be taken into consideration Invested…
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