Oil giant BP agrees to buy Greece’s entire Prinos oil output

Oil giant British Petroleum (BP) signed a deal on January 13 2014 with the Greek Environment, Energy and Climate Change ministry and Greek company Energean Oil and Gas to buy the oil output from the Prinos field in the northern Aegean.

The agreement involves the sale of the entire output Energean generates from the field to BP worth about $500 million.

The entire Prinos output reportedly amounts to 4000 barrels a day.

BP and the Greek government also agreed for the country’s Energy ministry to disengage Energean Oil & Gas from a term in the 1999 contract that forces state-owned Hellenic Petroleum (ELPE) to acquire the Prinos output.

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(Photo: Unisouth)