Energean proposes $500MM carbon storage facility in northern Greece - WOLRD OIL

FEB/25/2021

Paul Tugwell

(Bloomberg) --Energean Plc submitted a proposal to the Greek government to build a carbon dioxide storage facility and a hydrogen plant in northern Greece close to its old Prinos oil field.

The project would be the first of its kind in the Mediterranean, Chief Executive Officer Matthaios Rigas said at a conference Wednesday, without providing further details. Capital expenditure for the project is close to $500 million and, if approved, the project will be funded by the European Union’s recovery and resilience facility, a person familiar with the plan said, asking not to be identified as the details are private.

Energean, listed in London, declined to provide further details.

Energean on course to deliver first gas from Karish field in 2021 - OILFIELD TECHNOLOGY

Friday, 20 March 2020 16:00

Nicholas Woodroof

Energean Oil and Gas plc has announced its audited full-year results for the year ended 31 December 2019 (FY19).

Highlights

• Karish was 72% physically complete at 31 December 2019 and remains on track to deliver first gas in 1H21. Firm gas sales of 5 billion m3/yr with a further 0.6 billion m3/yr to be converted to a firm basis immediately on publication of a satisfactory Karish North CPR, expected at the end of March 2020.
• Post-period end, two of the three Karish development wells successfully flowed during clean-up operations, confirming that each will be capable of delivering up to the design limit of 300 mmscf/d (c.3 billion m3/yr). The third development well is currently in the clean-up phase and production performance is expected to be similar, confirming that the three wells will be able to produce to the 8 billion m3/yr capacity of the FPSO.

Energean identifies Zeus as next drilling target offshore Israel - OFFSHORE MAGAZINE

Nov 13th, 2019

ATHENS, Greece – Energean plans a 5.4-km (3.36-mi) subsea tieback of its recent Karish North discovery offshore Israel to the FPSO Energean Power.

This follows completion of side track appraisal operations at the well, which have confirmed a best estimate recoverable resource of 0.9 tcf of gas and 34 MMbbl of light oil/condensate (combined around 190 MMboe).

The Energean Power is being constructed with a gas production capacity of 8 bcm/yr (775 MMcf/d).

The drillship Stena DrillMAX has now relocated to complete the three Karish Main development wells, after which the vessel will drill the Zeus exploration prospect, targeting 0.6 tcf across three reservoir intervals.

Strong results from initial Karish wells offshore Israel - OFFSHORE MAGAZINE

Sep 12th, 2019

ATHENS, Greece – Energean has issued updates (Results For Half Year Ended 30 June 2019) on its development and exploration campaigns in the eastern Mediterranean Sea.

The main project is the Karish/Tanin gas development offshore Israel, where the drillship Stena DrillMAX recently completed drilling of two of the Karish Main wells.

In both cases, the outcome was positive, with a 45-m (147-ft) gross gas column encountered in the D-sands interval. Also, fluid samples from the main reservoir indicate a higher than foreseen condensate ratio.

Drilling of the final well in the program, Karish Main-01, is under way and this is expected to finish during 4Q. The three wells will deliver an initial 4.3 bcm of gas sales into the Israeli domestic market.

Later this year the FPSO hull is due to sail from China to Singapore.

In July, Israel’s Petroleum Council awarded Energean and Israel Opportunity – Energy Resource four new offshore licenses (55, 56, 61, and 62) for block D, 45 km (28 mi) from the coast.

Greece signed the Energy agreement for drilling in Crete with ExxonMobil, Total and HELPE - IBNA

28-09-2018, 06:28

Nefeli Tzanetakou

Greek Minister of Environment and Energy, George Stathakis, the Chairman of the Hellenic Management Company of Hydrocarbons, Ioannis Basias and the representatives of Total, Isabelle Gastineau, ExxonMobil, Tom McMahon and Yiannis Grigoriou of the Hellenic Petroleum S.A (HELPE) proceeded to the initiation of the concession contracts for the exploration and exploitation of hydrocarbons in two marine "plots" south and southwest of Crete and one in Kyparissiakos Gulf.

Greece presses the E&P button - PETROLEUM ECONOMIST

3 September 2018

Gerald Butt

Plans for deep-water exploration have raised hopes of an eventual major natural gas discovery, while onshore oil development is progressing slowly

In a modest, modern building tucked away in a leafy residential street close to the centre of Athens a major energy transition is being managed. The building is home to Hellenic Hydrocarbons Resources Management (HHRM). Since 2011, this state-owned company has been revitalising what had become a near-moribund energy sector.

HHRM exudes vigour, taking its cue, perhaps, from president and chief executive Yannis Bassias. Not so, he insisted, in an interview with Petroleum Economist. He said the firm's youthful vitality stemmed not from him but from the staff themselves: "When you take me out of the statistics, the average age here is 34, so this is great. We have a staff of just 17, we don't need any more."

This lean team has just pulled off a considerable coup, hooking super-major ExxonMobil into Greece's upstream, in partnership with Total, which already had a presence there. The latest move, many believe, will eventually see Greece emerge as a significant player on the East Mediterranean energy stage. Greek deputy energy minister Michalis Verroiopoulos told Petroleum Economist that "these days we're focussing on promoting hydrocarbons exploration in Greece—there's a new dynamism to it. We're very happy having huge companies like Exxon and Total deciding to invest here." 

Energean extends Prinos development offshore Greece - OIL & GAS JOURNAL

HOUSTON, Feb/12/2018
Tayvis Dunnahoe, OGJ Exploration Editor

Energean Oil & Gas will drill as many as 25 wells and install two platforms as part of an investment program on the Prinos license offshore northeastern Greece. The $180-million investment will increase production from Prinos and Prinos North oil fields through 2021, as well as develop Epsilon oil field.

Energean announced the plan as an extension of the Prinos long-term offtake agreement with BP Oil International Ltd. through Nov. 1, 2025. The group’s Prinos basin oil production is currently sold to BP under the offtake agreement, which was originally signed in 2013 and covered the period until July 31, 2021. The 4-year extension will safeguard the group’s cash flow, Energean said.

The Energean Force offshore drilling rig will execute the proposed development wells, and the GSP Jupiter jack up rig will drill the first three Epsilon wells.

Energean also plans to develop its Katakolon field alongside the Prinos development. In September 2017, the operator said drilling and production would commence in 2019-20 pending government approval later this year

BRIEF-Energean, BP extend long-term offtake agreement for Prinos to 2025 - REUTERS

FEBRUARY 12, 2018 / 12:28 PM
Reporting By Karolina Tagaris

Energean says:

• Extends long-term offtake agreement for Prinos oil field with BP by four years until Nov. 2025

• Current agreement signed in 2013

• Extension helps safeguard cash flow 

Energean Signs US$180m RBL Facility with EBRD, BSTDB, EximBank Romania and Intesa Sanpaolo Bank to Develop Prinos Basin - ENERGEAN OIL & GAS

1 February 2018

Loan agreement finances further development of the Prinos, Prinos North and Epsilon oil fields 

Energean Oil & Gas (“Energean” or “the Company”) is pleased to announce that it has signed a reserves-based senior facility agreement (the “Agreement”), amounting to US$180 million, with the European Bank for Reconstruction and Development (“EBRD”), the Black Sea Trade and Development Bank (“BSTDB”), the Export-Import Bank of Romania EximBank SA (“ EximBank Romania”) and Banca Comerciala Intesa Sanpaolo Romania S.A (“Intesa Sanpaolo Bank”), HSBC acting as the agent bank. This Agreement is an extension to the existing US$75 million loan signed with the EBRD on 19 May 2016. 

The Agreement now includes two facilities: a senior secured reducing revolving credit facility of up to US$105 million with the EBRD and BSTDB as lenders; and a senior secured revolving credit facility of up to US$75 million arranged by EximBank Romania and having EximBank Romania and Intesa Sanpaolo Bank as lenders. 

‘ExxonMobil plans to invest €5bn for Crete exploration’ - ENERGY PRESS

21/09/2017

Global oil industry giant ExxonMobil has committed itself to investing 5 billion euros for hydrocarbon exploration and exploitation in the Greek market, Economy and Development Minister Dimitris Papadimitriou told investors at the 12th annual London roadshow of Athens-listed firms, as part of the government’s wider effort to present Greece as a market now beginning to attact major investments.

The minister made reference to a series of foreign investment plans for the Greek market, including that of ExxonMobil.

Sources have confirmed the ExxonMobil intention to set aside 5 billion euros for investments in the Greek market, developments permitting.

Energean gets approval to develop field offshore Greece - REUTERS

SEPTEMBER 8, 2017 / 12:56 PM Reporting by Karolina Tagaris; Editing by Mark Potter

ATHENS, Sept 8 (Reuters) - Energean, Greece’s sole oil producer, said on Friday it had secured approval to develop the Kataloko field in Western Greece, its third such project in the eastern Mediterranean.

The $50 million development plan is targeting 11 million barrels of oil equivalent (boe) discovered in the early 1980s by the state-owned Public Petroleum Corporation but which has remained undeveloped since.

“Energean is now unlocking the value of this very important project for the country as well as revealing the potential for wider exploration of the East Adriatic region,” Energean Chief Executive Mathios Rigas said.

Energean signs large Greek lease - NATURAL GAS WORLD

Energean CEO Mathios Rigas (left) signs the lease

May 25th, 201710:40amMark Smedley

Greek upstream independent Energean Oil & Gas said May 25 it has signed a lease agreement with the Greek government for the 4,360-km² Aitoloakarnania block onshore Greece – described as a geological continuation of the Ioaninna block, which Energean has explored since 2014.

Spanish energy firm Repsol in March agreed to farm into a 60% interest in both onshore blocks in western Greece that together cover 8,547 km².

Energean said May 25 that Repsol is planned to become operator of both, and that the two companies have already submitted an application to the Greek government to approve Repsol’s plans to farm in and undertake a 2D seismic survey over the Ioannina block in 2017/2018, and conduct 2D seismic survey over the Aitoloakarnania block in 2018/2019.

Energean signs terms for offshore Montenegro blocks - OFFSHORE MAGAZINE

Offshore Montenegro blocks 4219-26 and 4218-30
(Source: Energean Oil & Gas)

03/15/2017

Offshore staff

ATHENS, Greece – Energean Oil & Gas has signed an exploration and production concession contract with the State of Montenegro covering offshore blocks 4219-26 and 4218-30, following parliamentary approval.

Total investment over the initial seven-year exploration period will be $19 million, including funding for a new 3D seismic survey, geophysical and geological studies, and drilling of one well.

The two blocks are in a water depth of 50-100 m (164-328 ft) and close to the Montenegrin coast near the town of Bar. Energean plans to start 3D seismic acquisition during 1Q 2018.

Energean: A Greek success - IN CYPRUS / CYPRUS WEEKLY

February 19, 2017
Charles Ellinas

Energean is a private exploration and production group focused on Greece, the Adriatic, the East Med and North Africa. It is the only oil and gas producer in Greece. It has been much in the news recently following its acquisition of the Tanin and Karish gas-fields offshore Israel.

Energean has its roots in the successful development of the Prinos oil-field offshore Kavala in Greece. At a time of crisis in the global oil and gas sector, Energean managed to grow into a leading player in the region with a balanced portfolio of oil and gas production, low-risk development projects and high-impact low-cost exploration assets.

Energean gets exploitation license offshore western Greece - OIL & GAS JOURNAL

11/29/2016

Houston

By OGJ editors

The Greek Ministry of Environment and Energy and Energean Oil & Gas SA have agreed to the conversion of the West Katakolon exploration license to a 25-year exploitation license effective immediately.

West Katakolon is part of the Katakolon concession area and covers 60 sq km with 10 million bbl of recoverable oil. Energean will be operator of the field development, which follows that of its operated Prinos oil field and South Kavala gas field, both in the North Aegean Sea.

A field development plan (FDP) for West Katakolon will be submitted to the energy ministry by the end of February. Drilling is planned for 2018 and will use extended-reach drilling technology to drill from onshore to offshore reservoirs. Production startup is expected in 2018-19.

Major oil reserve of 80-100 mln barrels discovered off Patra coast - KATHIMERINI

25.09.2016 : 21:48
Chryssa Liaggou

A significant oil reserve in the Patraikos Gulf near Patra, on a par with that at Prinos off Thasos island, has been confirmed by a study of seismic surveys conducted by Hellenic Petroleum, which is about to be completed in the coming weeks in London.

This reserve concerns extractable oil quantities of 80-100 million barrels, while the ongoing processing of the high-definition surveys is looking to establish whether the seabed off the western port city is indeed holding Greece’s second major oil reserve, as indicated by geological findings.

It is noted that revenues for the Greek state from every 100-million-barrel reserve are estimated at 300 million euros per year (or about 0.2 percent of gross domestic product) over 25 years.

Newcomer Energean will attract other int’l firms to explore for gas in Israel - JERUSALEM POST

By SHARON UDASIN
08/30/2016 20:38

Latest find and ongoing projects accelerating development in the entire region.
The expected purchase of the Karish and Tanin gas reservoirs by the Greek oil and gas company Energean will be a catalyst for other international companies interested in exploring Israel’s Mediterranean, a source linked to the project told The Jerusalem Post on Tuesday.

Energean’s entrance into the Israeli gas industry “opens the sector,” the source said. “The signal to the market is given: there’s something going on in Israel. You used to have a monopoly. Now you have a potential market.”

Although still pending Israeli government approval, the $148.5 million deal was signed by Athens-based Energean Oil & Gas in mid-August to purchase the gas reservoirs from two Delek Group subsidiaries, as well as pay the Israeli companies royalties from future gas and condensate sales. The likely sale of Karish and Tanin marked a first concrete step toward advancing Israel’s gas industry, following recent approval of the contentious “gas outline” that rattled the sector for all of 2015.

Energean inks Prinos, Epsilon investment - OFFSHORE ENGINEER

Written by OE Staff Monday, 23 May 2016

Greek exploration and production firm Energean Oil & Gas has secured a US$75 million loan from the European Bank for Reconstruction and Development (EBRD) to support the company’s ongoing $200 million investment plan in the Prinos and Epsilon oil fields offshore northern Greece.

The Prinos and Epsilon oil field development project is the largest investment in the Greek upstream sector since the 1980s and includes drilling 15 wells and installing a satellite platform to the main Prinos offshore facilities.

Greece's sole oil producer boosts output by 30 percent - REUTERS

4 May 2016

ATHENS (Reuters) - Greece's sole oil producer, Energean Oil & Gas, has stepped up daily production by about 30 percent since early January, it said on Wednesday, 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.

Many analysts are now growing more confident that a new-two-year rout in oil prices has ended.

Energean, 45 percent owned by hedge fund Third Point (TPOG.L), said it had increased production to more than 4,000 barrels per day from its two oil fields off the northern Greek island of Thassos.

Greek oil producer Energean undaunted by price dip, CEO Says - KATHIMERINI / BLOOMBERG

2/2/2016, PAUL TUGWELL

Energean Oil & Gas, Greece’s only hydrocarbon producer, will seek financing from the nation’s lenders to boost domestic production and expand internationally despite low crude prices, Chief Executive Officer Mathios Rigas said.

Energean has begun a $200 million investment plan for 2015-2018 aimed at raising production at the Prinos basin in the north Aegean Sea to 10,000 barrels a day by the end of 2017 from 3,000 today, Rigas said in an interview in Athens. The company is seeking support from local lenders, with a foreign bank taking the lead, he said.

“Energean is continuing to invest despite the ongoing problems in Greece and the low oil price operating environment,”