Greece’s sole oil producer, Energean Oil & Gas, has stepped up daily production by about 30% since January, as the debt-ridden country seeks to tap into its limited oil reserves. Plunging crude prices have deterred spending on oil projects around the world, but Greece is pushing ahead with investment in the industry in a bid to reduce dependence on oil imports and boost public finances, Yahoo News reported.

Energean, 45% owned by hedge fund Third Point, said it had increased production to more than 4,000bpd from its two oil fields off the northern Aegean island of Thassos, Ekathimerini added. In addition, it is expected to submit a plan to develop another oil reserve in western Greece and start drilling by 2017.