Tayvis Dunnahoe
Energean Oil & Gas SA is working to reach final investment decision before year end for its Karish and Tanin natural gas fields offshore Israel. Subsidiary Energean Israel expects to start gas production in 2020 from the fields’ combined 531 MMboe 2C resources, which include 2.7 tcf of gas and 41 MMboe of light hydrocarbon liquids (OGJ Online, Dec. 7, 2016).
The FDP, submitted in June, calls for three development wells on the Karish Main Development with a floating production, storage, and offloading vessel about 90 km offshore Israel (OGJ Online, June 20, 2017). Production capacity will be 400 MMcfd. The Karish development will require an estimated $1.3-1.5 billion.
Energean Israel owns 100% of Karish and Tanin fields, but comprises a 50-50 joint venture between Energean and Kerogen Capital.
Press Release - ENERGEAN OIL & GAS - AUGUST 30 2017
Energean Oil & Gas (“Energean” or “the Company”) is pleased to announce that its subsidiary Energean Israel, a 50/50 JV between Energean and Kerogen Capital, has received approval from the Israeli Petroleum Commissioner for its Field Development Plan (“FDP”) for the development of the Karish and Tanin natural gas fields, offshore Israel. The FDP application was submitted on 20 June 2017.
Energean receives approval from the Israeli Government for the Field Development
Plan for the Karish and Tanin Gas Fields
Approval is a major step towards delivering the US$1.3-1.5 billion development on time
and on budget in 2020
Energean Oil & Gas (“Energean” or “the Company”) is pleased to announce that its subsidiary Energean Israel, a 50/50 JV between Energean and Kerogen Capital, has received approval from the Israeli Petroleum Commissioner for its Field Development Plan (“FDP”) for the development of the Karish and Tanin natural gas fields, offshore Israel. The FDP application was submitted on 20 June 2017.
As stated at the time of submission, Energean Israel owns 100 per cent of the Karish and
Tanin Fields, which combined have 2.7 TCF of natural gas and 41 million barrels of oil equivalent (mmboe) of light hydrocarbon liquids, totalling 531 mmboe of 2C resources.
Commenting on the approval, Energean CEO, Mr. Mathios Rigas, said: “The Israeli
The Karish Main Development envisages drilling three wells, using a Floating Production
Storage and Offloading (FPSO) unit that will be located approximately 90 km offshore
with a production capacity of 400 mmscf/day.
The next stage in the field development, which envisages first gas production in 2020, is
to reach the Final Investment Decision (“FID”) which is anticipated before the end of
2017. The Company has appointed Morgan Stanley as Project Finance Advisor for the
US$1.3-1.5 billion investment required for the Karish development.
Commenting on the approval, Energean CEO, Mr. Mathios Rigas, said: “The Israeli
Government’s approval of the Field Development Plan is a major milestone and
achievement for us, and we are grateful for their swift handling of our submission. We are
working at full speed to achieve the planned FID by year end, and we have made
significant progress in agreeing terms on the necessary gas sales contracts to this effect.
We have already signed agreements or MOU’s for volumes exceeding 3 BCM per year.
FDP approval takes us a significant step nearer to delivering a more competitive gas
market to the benefit of the people and businesses of Israel.
SOURCE / SOURCE 2
