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24 February, 2001
A new oil field, of the highest quality, was found during underwater explorations 4-4.5 nautical miles off Prinos, an offshore oil drill in the island of Thassos, northern Greece.
Nicolaos Loutsigas, Kavala Oil's chairman, said on Friday, that oil exploration in the area has found a rich oil deposit capable to offer oil in steady flows, temperatures and pressures.
The oil's conciseness in hydrogene sulfide totals only 7.0 percent, sharply lower compared with other oil deposits in the area (approximately 60-65 percent). The oil deposit was found at a depth of 2,800-2,900 meters and it is 15 meters thick.
Loutsigas said he expected the oil deposit to last 10 to 15 years. Exploration and drilling costs totalled 7 million US dollars and Kavala Oil expects to produce 7,000-7,500 barrels of oil a day, ranking the Kavala region among the richest oil fields in the Balkans and southern Europe.
Source: Athens News Agency