Energean CEO: Israel is sole energy independent Mediterranean country - GLOBES

20 Dec, 2023 11:17
Netanel Ariel

At the Israel Business Conference, Mathios Rigas praised Israel's energy policy, and said there was no point in keeping gas in the ground.

"Energy independence is important regardless of whether there’s a war or not. Israel is the only Mediterranean country that is energy independent. The mistake that the Europeans made is that they handed the energy keys to President of Russia Vladimir Putin, and when war broke out, gas prices skyrocketed. But in Israel, they remained stable," Mathios Rigas, CEO of energy company Energean (LSE: ENOG), said yesterday at the Globes Israel Business Conference. Energean owns the rights in the Karish and Tanin gas reservoirs off Israel’s coast.

"The biggest challenge we face in Europe is that if there’s a cold winter and there’s any disruption to the gas supply, gas prices in Europe will soar again, and inflation will rise," Rigas warned. "The reason is that there has been no investment in gas production. That’s the great advantage that Israel has today," he added.

Israel officially recognizes Energean’s Katlan reservoir as natural gas discovery - THE TIMES OF ISRAEL

1 June 2023, 3:24 pm
Sharon Wrobel

Israel’s Energy Ministry officially classified an offshore natural gas reserve explored by British-Greek oil and gas company Energean as a discovery, paving the way for its development.

National infrastructure, Energy, and Water Minister Israel Katz on Wednesday granted Energean the recognition of the oil commissioner Chen Bar Yosef for the Katlan deposit, also known as Olympus, as a natural gas discovery. It marks the first natural gas discovery recognized by Israel since 2015, the Energy Ministry said.

It comes a year after news of the discovery was announced.

Katlan, which holds an estimated 68 billion cubic meters (bcm) of gas, (TEKMOR Note: 2.4tcf) is located between the Energean-owned Karish and Tanin natural gas fields off Israel’s Mediterranean coast.

Energean exports first hydrocarbon liquids from Israeli gas fields - THE JERUSALEM POST

FEBRUARY 14, 2023 16:55

Zachy Hennessey

For the first time in the history of Israeli oil and gas production, hydrocarbon liquids will be exported to global markets, Energean confirmed on Tuesday. The first cargo has been transferred from the company's Karish field platform and sold as part of a multi-cargo marketing agreement with Vitol.

“We are happy and proud that Energean has facilitated Israel joining the club of international oil exporters," said Mathios Rigas, Energean's CEO "This is another milestone for us, enhancing Energean’s growth as a significant player in the local and regional markets.”

According to Energean, the hydrocarbon liquids are to be offloaded in a controlled manner via the Energean Power FPSO vessel and subsequently sold into various global markets, creating a significantly differentiated income stream that is fundamentally separate to the company's gas-derived revenues.

Israel Grants Approval for Energean to Start production at Karish Offshore Gas Field - OFFSHORE ENGINEER

October 25, 2022

Maayan Lubell and Ari Rabinovitch 

Israel granted Energean permission to start production at the offshore Karish gas field on Tuesday, an Energy Ministry statement said.

Energean has said its floating production storage and offloading vessel [the Energean Power - OE ] is due to start production at Karish in the third quarter but has not given a precise date.

On Oct. 9, the London-listed energy group began pumping gas to its floating production facility as part of reverse flow testing procedures.

Israel and Lebanon on Thursday are expected to sign a U.S.-brokered maritime border deal reached this month, opening the way for offshore energy exploration.

Energean hits gas discovery in waters off Israel - OFFSHORE ENERGY

06 Oct 2022 | 08:51 UTC
October 6, 2022, by Nermina Kulovic

E&P company Energean has made a commercial gas discovery with the Hermes exploration well offshore Israel and has moved on to drill the next well in the campaign.

As reported in June 2022, Energean made plans to drill two more exploration wells off Israel and exercised its options with Stena Drilling for those wells.

The Hermes exploration well is located in Block 31 and it was spud in August, using the Stena IceMAX drillship. Preliminary estimates indicate that the structure contains 7 – 15 bcm of recoverable natural gas resources, Energean informed on Thursday.

Detailed analysis of the data collected by the well is ongoing, with the aim of refining volumetric estimates and potential commerciality for both the discovery and the full area. The Hermes discovery has helped to de-risk the nearby Poseidon and Orpheus structures, which represent attractive potential future appraisal targets to fully assess the potential of the area around block 31.

Israel ramping up gas output, looks to help supply Europe - REUTERS

May 17, 2022, 4:52 PM GMT+8
Ari Rabinovitch

HAIFA, Israel, May 16 (Reuters) - Israel is boosting offshore natural gas output and aims to reach a supply agreement with Europe in the coming months as the continent looks to replace Russian supply.

The country is on track in the next few years to double production to about 40 billion cubic metres (bcm) from about 20 bcm as it expands current projects and brings new fields online, industry officials say.

Israel currently supplies its own market and through a local network of pipelines exports to neighbours Egypt and Jordan, while much of the additional gas is earmarked for Europe.

Energean discovers new gas off Israel's coast - REUTERS

LONDON, May 9 (Reuters) - Eastern Mediterranean-focused oil and gas producer Energean (ENOG.L) said on Monday it had made a new commercial gas discovery off the coast of Israel, although it fell far short of the company's previous estimates.

Energean said it had discovered 8 billion cubic metre (bcm) natural gas in its Athena exploration well which lies between its Karish and Tanin fields.

The figure however falls short of the company's estimates of a 21 bcm resource, which it included in an investor presentation last month.

Energean shares traded in London were up 4% by 0821 GMT.

Athena could be developed by linking it to the floating production and storage vessel (FPSO) Energean plans to use to send gas into the Israeli market from Karish starting in the third quarter, the company said.

Winners and losers as energy minister halts gas exploration - THE JERUSALEM POST / GLOBES

DECEMBER 17, 2021
Guy Lieberman

The announcement by Energy Minister Karin Elharrar yesterday that her ministry will not award licenses for natural gas exploration in Israel's Economic Zone in 2022 set off a storm. 

Her predecessor at the ministry, Yuval Steinitz, rushed to react on Twitter, calling on her to "reconsider" the decision, and claiming that "in the green USA of President Biden they are continuing to explore for natural gas in hundreds of areas on land and offshore, as they are in Canada and in most countries of Western Europe."

The Association of Oil and Gas Exploration Industries in Israel was also quick to react, and pointed to the energy crisis in Europe as an example of the need "to continue exploring for further discoveries of natural gas."

Elharrar responded that it was a matter of "one year only", during which her ministry will devote its attention to the most important need at this time, which is renewable energy. In her announcement, the minister stated that her ministry was forming a new department to deal with renewable energy.

Halliburton lands work off Israel - NATURAL GAS NEWS

Sep 14, 2021 3:40:pm
Daniel Graeber 

Upstream services company Halliburton said September 14 it was awarded a contract to drill as many as five wells off the coast of Israel.

Halliburton will conduct the work for Energean, a Mediterranean- and North Sea-focused explorer.

“Halliburton will collaborate with Energean to economically and safely deliver exploration, appraisal, and development wells offshore Israel,” the services company explained. “The contract is for three firm and two optional wells to deliver all services including project management, directional drilling, drill bits, drilling fluids, cementing, solids control, wireline, slickline, completions, production enhancement, and subsea services.”

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 announces NEA/NI Final Investment Decision - ENERGEAN OIL & GAS

London, 21 January 2021 – Energean pl is pleased to announce that Final Investment Decision has been taken on the North El Amriya and North Idkunea (“NEA/NI”) concession subsea tieback project in offshore Egypt. The NEA concession contains two discovered and appraised gas fields (Yazzi and Python) while the NI concession contains four discovered gas fields, one of which is readied for development. NEA/NI is due to deliver first gas in 2H 2022 with 49 million boe of 2P reserves, 87% of which is gas and peak production is expected to be approximately 90 mmscf/d plus 1 kbopd of condensates.

The NEA/NI project is a key one for the Egyptian portfolio which will provide substantial benefits to the long-term production profile in the country, whilst bringing additional cost efficiencies and strategic benefits. When Brent prices are above $40/bbl, gas will be sold at $4.6/mmBTU, which is the highest achieved to date for shallow water gas production, offshore Egypt. Total capital expenditure is expected to be approximately $235 million, the majority of which is expected to be incurred in 2022 and TechnipFMC has been awarded the EPIC contract to deliver the project. The NEA/NI drilling campaign is expected to be integrated with a broader Abu Qir drilling campaign, providing synergies on capital expenditure.

SOURCE

Karish Field Tie-In-Manifold tie-in spools and Gas Sales Pipeline Hydrotest Completed - ENERGEAN OIL & GAS

 

Gas Sales Agreements to supply an additional 0.4 Bcm/yr of gas in Israel - ENERGEAN OIL & GAS

London, 17 December 2020

Energean plc (LSE: ENOG, TASE: אנאג (is pleased to announce that Energean Israel Limited (Energean 70%) has entered into a new set of agreements and amendments to existing agreements with Rapac Energy Limited and its related companies to supply an additional amount averaging 0.4 Bcm/yr of gas for terms of between 6 and 15 years commencing from first gas from the Karish gas development project. The agreements include take-or-pay, exclusivity and floor pricing provisions.

Energean Israel Limited now has gas sales agreements in place to supply approximately 7.4 Bcm/yr of gas on plateau. All contracts contain provisions for take-or-pay and / or exclusivity, and floor pricing, ensuring that Energean’s revenue stream in Israel is secured, predictable and largely insulated from global commodity price fluctuations, supporting Energean’s target to begin paying a dividend following first gas from the 8 Bcm/yr Karish project, which is currently expected in Q4 2021.

Energean in exclusive talks to buy PE Kerogen's stake in Israeli gas fields - REUTERS

December 7, 2020 - 10:59

(Reuters) - Gas exploration and production company Energean said on Monday it was in exclusive talks to buy Kerogen Capital’s 30% stake in Energean Israel in order to take full control of the Karish and Tanin gas field leases, offshore Israel.

The company, which currently holds a 70% interest in Energean Israel, said the flagship Karish gas development project is expected onstream in the fourth quarter of 2021.

Reporting by Yadarisa Shabong in Bengaluru

Subsea structures in place at Karish offshore Israel - OFFSHORE MAGAZINE

Allseas' Solitaire & TechnipFMC's Normand Cutter at Karish

22 Jun 2020

LONDON – TechnipFMC and Allseas have completed two major components of Energean’s Karish gas project in the Mediterranean Sea, offshore Israel.

Allseas’ Solitaire completed installation of the 90.3-km (56-mi), 30-in. and 24.in gas sales pipeline in water depths of up to 1,700 m (5,577 ft).

The full program included placement of a tie-in manifold structure in 72 m (236 ft) water depth.

On average, excluding the beach pull, the rate of laying was 4,578 m/d (15,019 ft/d).

TechnipFMC’s construction support vessel Normand Cutter installed the production manifold, subsea isolation valve foundations and structures.

During 4Q, installation should get under way of the three sets of risers - 2 x10-in. and 1 x 16-in. - that will connect the three producing wells to the FPSO and then to the gas sales pipeline, finishing in 1Q 2021.

Currently the Karish development is around 80% complete, Energean said.

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 on track for first Israeli gas, FPSO sailaway 'in coming weeks' - PLATTS

19 Mar 2020 | 10:54 UTC London

Author: Stuart Elliott
Editor: Alisdair Bowles 

London — UK-based Energean Oil & Gas said Thursday it is on track for first gas from its Israeli offshore fields in the first half of 2021, announcing that the hull of the firm's dedicated production vessel would sail away from its Chinese shipyard "in the coming weeks."

There had been concern that work on the 8 Bcm/year capacity FPSO Energean Power could be delayed due to travel restrictions imposed in China after the start of the coronavirus outbreak.

"In the coming weeks, you will see our FPSO hull sail away from China to Singapore, a key milestone in the delivery of first gas from Karish, which is on track for H1 2021," CEO Mathios Rigas said following the release of the company's 2019 earnings.

Energean said final work on the vessel would take place in Singapore and the vessel sailed to Israel around year-end for installation.

Energean gets Total’s stake in the Ionian - KATHIMERINI

27.02.2020 : 22:11
Chryssa Liaggou

Greek oil enterprise Energean has secured its entry into Block 2 of the Ionian Sea by buying out the stake of French company Total, which had been seeking to disengage from the region for months.

Total had a 50 percent stake in the consortium to survey Block 2, while Hellenic Petroleum and Edison each hold 25 percent. Sources say Total first offered its two partners the stake but that they were not interested. Energean agreed to buy it because it appreciates the synergies this particular block presents with the other areas it has undertaken in Greece (Ioannina), as well as similar ones in Montenegro and the concessions of Edison in Italy.

Energean: coronavirus could delay Israel gas field development - GLOBES

6 Feb, 2020 15:05
Amiram Barkat

The FPSO for the Tanin and Karish offshore natural gas fields is under construction in China.

The coronavirus outbreak in China is liable to delay natural gas delivery by Greek company Energean Oil & Gas plc (LSE: ENOG; TASE: ENOG) to customers in Israel. Energean, which is developing the small offshore Karish and Tanin gas fields, announced today that it had been notified by TechnipFMC, a subcontractor for the Karish and Tanin development project that it "reserves the right to extend the agreement for completion of the project due to events beyond our control."

TechnipFMC is concerned that the quarantine in parts of China because of the virus will delay completion of the floating production storage and offloading unit (FPSO) designed to produce gas from Karish and Tanin and stream it to the shore. The FPSO, now being built in China at a cost of $2 billion, is scheduled to reach Israel before 2021, and to anchor above the fields, 100 kilometers off the shore.

Energean Lining Up Zeus - RIGZONE

Thursday, January 30, 2020
Andreas Exarheas

Energean Oil & Gas revealed Wednesday that it expects to spud the Zeus exploration well in March.

Energean Oil & Gas revealed Wednesday that it expects to spud the Zeus exploration well offshore Israel in March.

The asset is targeting 0.6 trillion cubic feet (Tcf) of gas initially in place (GIIP) according to Energean, which added that it is preparing to drill two additional exploration wells during 2020, “which will be contingent on the results from Zeus”.

Prospects being evaluated for drilling include Athena, which is said to hold 0.6 Tcf GIIP, Hera, which is said to hold 0.4 Tcf GIIP, and Poseidon, which is said to hold 1 Tcf GIIP.