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 GREECE
Southern Europe
Greece’s oil industry is dominated by state-owned
Hellenic Petroleum (HP), which was formed in 1998 from the former state
oil company, Public Petroleum Corporation (DEP).
 All
of Greece’s oil production comes from the Prinos area in the north
Aegean Sea, off the coast of Kavala. The Prinos field, discovered in
1974, began production in 1981 from a Miocene sand reservoir. Its small
satellite, Prinos North, discovered in 1994, 2 km north of Prinos, began
production in 1996.
Production at the Prinos field ceased in November 1998.
Only a few very small other discoveries have been made in the north
Aegean despite some considerable drilling effort by the state and
foreign companies.
 In February 2001, a new accumulation was found offshore
the Aegean island of Thasos but it does not match Prinos. Furthermore
exploration in the Aegean Sea is complicated by lack of agreement
between Greece and Turkey delineating continental shelf boundaries.
Greece is producing no gas although small amounts of
associated gas have been produced offshore in the past. Gas production
ceased in the late 1990s as oil production shrunk.
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