San Donato Milanese (Milan), 28 July 2026 - Eni has reached the Final Investment Decision (FID) to develop Cronos project, in deep waters offshore Cyprus, with the target to bring the first Cypriot gas to market in 2028.

The project, operated by Eni, will bring to production the gas volumes from Cronos field, in Block 6, which holds more than 3 Tcf of gas initially in place (GIIP). Production is expected to reach a plateau of 500 mmscf/d; gas will be transported and processed in existing Zohr facilities, in Egypt, then transferred and liquefied in Damietta LNG plant for export as LNG to international markets, primarily Europe.

Eni CEO Claudio Descalzi commented: “Cronos fast-track initiative marks a concrete milestone in positioning Cyprus as a European gas producer and exporter and it unlocks the establishment of a regional gas hub in the Eastern Mediterranean by leveraging Egypt’s existing hydrocarbon infrastructure. It is furthermore an example of international cooperation and a concrete contribution to the diversification and security of Europe’s gas supply”.

Chevron takes Final Investment Decision on Leviathan gas expansion - CHEVRON

Project increases affordable, reliable gas for
Israel, Egypt and Jordan

HOUSTON, January 16, 2026 – Chevron Corporation (NYSE: CVX) by its subsidiary, Chevron Mediterranean Limited (CML), and the working interest owners of the Leviathan natural gas reservoir have reached a Final Investment Decision (FID) to expand the production capacity of the strategic Leviathan production platform located offshore Israel.

“Chevron is a leading energy player in the Eastern Mediterranean where we are focused on natural gas production and exports. Our operations are critical to meeting the growing energy needs of local and regional markets,” said Clay Neff, president of Chevron Upstream.

“Our decision to invest in the expansion of Leviathan’s production capacity reflects our confidence in the future of energy in the region. Pragmatic U.S. and regional energy policies are helping to strengthen energy security across the Eastern Mediterranean and foster an environment that encourages investment in the Middle East and globally.”

The Leviathan expansion project is expected to come online towards the end of this decade.

Edison sees investment decision on EastMed gas pipeline by year-end - REUTERS

March 20, 20238:06 AM GMT+2

Francesca Landini

Edison's logo is seen outside the company headquarters in downtown Milan, Italy, January 14, 2016. REUTERS/Stefano Rellandini

MILAN, March 20 (Reuters) - Energy group Edison (EDNn.MI) plans to take the final investment decision on a proposed pipeline to deliver east Mediterranean gas to European markets by the end of this year, the Italian project developer told Reuters.

The EastMed-Poseidon pipeline, which would initially connect several gas fields offshore Israel to Italy and have an annual capacity of 10 billion cubic metres (bcm) of gas, could be ready by 2027, Edison said.

The project, supported by Israel, Cyprus and Greece, would guarantee alternative supplies for Europe, which is weaning itself off of Russian piped gas. In addition, it would better connect Cyprus to its EU partners.

Aphrodite low on list of Chevron’s gas plans for East Med - CYPRUS MAIL

March 6, 2023

Dr. Charles Ellinas

The importance of the East Med to Chevron’s gas plans was made clear at the company’s ‘2022 4Q Earnings Conference Call’ on January 27 and subsequently at its ‘Investor Presentation’ on February 28. Mike Wirth, Chevron’s CEO, confirmed that he considers the region to be of “high priority”.

He specifically referred to the $673 million ‘Final Investment Decision’ (FID) taken in December 2022 to expand Tamar gasfield production capacity in Israel from 11billion cubic metres per year (bcm/yr) to 16bcm/yr, expected to come online in early 2025. This will enable Tamar to meet Israel’s growing domestic demand and increase gas deliveries to Egypt.

Following the Tamar FID, Chevron and its partners approved close to $100m budget for the development of Phase 1B of the Leviathan gasfield. This includes pre-FEED engineering for field expansion, including construction of a 4.6million tonnes/yr floating LNG (FLNG) facility, three years after FID. The expansion will increase production capacity to 21bcm/yr from 12bcm/yr now.

Partners in Cyprus' Aphrodite gas field approve $192 mln investment - REUTERS

JERUSALEM, Sept 18 (Reuters) - The partners in the Aphrodite gas field in Cypriot waters have approved a $192 million investment to begin drilling and to cover other development costs for the offshore project, Israeli firm NewMed Energy (NWMDp.TA) said on Sunday.

Most of the investment is for drilling a well that will first confirm the size of the gas deposit, estimated to be 124 billion cubic metres, and then be used for production, NewMed said.

Drilling is expected to begin in the first half of 2023.

NewMed has a 30% stake in Aphrodite, located about 170 km south of Limassol. Chevron (CVX.N) and Shell each have a 35% share.

The partners are examining development options, NewMed said, including connecting the field to existing facilities in the area or linking it to development plans for nearby assets in Egypt.

Greek-Italian venture signs agreement with Israel on Eastmed gas pipeline scheme - REUTERS

ATHENS, March 9 (Reuters) - Greek-Italian gas joint venture IGI Poseidon said on Tuesday it had signed an agreement with the Israel Natural Gas Lines Company to cooperate on building facilities to connect Israel to a planned gas pipeline in the eastern Mediterranean.

Greece, Cyprus and Israel last year signed a deal to build the Eastmed gas pipeline, which has been in the planning for several years and seeks to transport gas from offshore Israel and Cyprus to Greece and on to Italy to help Europe diversify its energy resources. IGI Poseidon, a joint venture between Greece’s state-owned gas utility DEPA and Italy’s Edison, said the agreement with the Israeli company, which updates a 2019 memorandum of understanding, aims to connect the Eastmed project to the Israeli transmission system and facilitate gas flows from the eastern Mediterranean to Italy and Europe, via Cyprus.

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

US' Noble to adjust work schedule at Cyprus's Aphrodite gas project - PLATTS

29 Jun 2020 | 14:26 UTC London
Stuart Elliott, Editor: Alisdair Bowles

• Progress depends on gas demand, market conditions
• Analysts see more delays to Aphrodite development
• First gas, for supply to Egypt, was set for 2025

London — The development of Cyprus' maiden gas discovery Aphrodite is facing an uncertain future as operator Noble Energy looks to revise the timeline for work at the project.

Discovered in 2011, the development of the 4.1 Tcf field seemed to have finally picked up speed in November last year with the signing of a new gas exploitation agreement between the field partners and the Cypriot government.

A final investment decision by Noble and its partners Shell and Israel's Delek was expected to be taken in 2022, with first gas set to flow in 2025.

Delek expects Leviathan expansion investment decision in 2020 - REUTERS

FEBRUARY 3, 2020 / 1:58 PM

Steven Scheer, Ari Rabinovitch

TEL AVIV, Feb 3 (Reuters) - Israel’s Delek Drilling expects a final investment decision this year on expanding exports from the Leviathan gas field using either an LNG facility in Egypt or a floating terminal, its CEO said on Monday.

The offshore Leviathan project came online a month ago and is already supplying Egypt and Jordan with natural gas. The project is led by partners Delek Drilling, a unit of Delek Group , and Texas-based Noble Energy.

Delek Drilling CEO Yossi Abu told a conference of investors that in order to further develop Leviathan, his company was in talks with banks about securing $2.5 billion in long-term funding, either through bank financing or bonds.

Gloomy outlook: Aphrodite moves to exploitation - CYPRUS MAIL

Noble’s senior VP K. Elliot (L), Energy Minister G. Lakkotrypis

November 17, 2019
Charles Ellinas

The granting by the government last week of the Aphrodite gas-field Exploitation Licence for 25 years to the Noble Energy, Delek and Shell consortium is a milestone in the development of hydrocarbons discovered in the Cyprus EEZ. Not only it is the first such licence, but it enables the consortium to enter negotiations with Egypt’s Idku LNG plant to secure a gas sales contract for this gas.

Understandably, this generated considerable euphoria even to the extent of talking about the immense profits to Cyprus, estimated to be $9.3billion over the life of such a contract – based on an oil price of $70/barrel.

But let’s try to put this in context. First, the application by the consortium for an Exploitation Licence is a contractual requirement – otherwise it might have to relinquish the gas field. It does not mean that it will immediately proceed with development and production. This requires the successful completion of a number of important steps: Design of all required facilities to get a better handle over costs; Drilling at least one more appraisal well to estimate more accurately Aphrodite’s gas reserves; negotiations with Idku to secure a gas sales contract; Securing the required investment.

Our View: Gas deal is great news, but we must be realistic - CYPRUS MAIL

November 10, 2019
By CM: Our View

CONTRACTS for the first hydrocarbon exploitation licence were signed on Thursday and were described by energy minister Giorgos Lakkotrypis, as “another milestone in Cyprus’ energy programme”. It was the first real milestone of our energy programme because as we have learnt over the last few years, licensing rounds, surveys, exploratory drilling and discoveries of deposits might create big expectations, but until contracts for the exploitation of the findings are signed, their commercial value is theoretical.

This is an illustration of the extremely slow pace at which the oil and gas industry moves. The discovery at the Aphrodite field in block 12 was announced in December 2011, the exploitation licence was finalised in 2019 and production is scheduled to begin in 2025. It will be 14 years after the discovery before revenue will start coming in. Even then, it will be reduced because the bigger share will go towards covering the big investment by the oil companies, estimated to be in the region of €7 billion.

Israel and Cyprus disagree over Aphrodite Gas Field - THE TIMES OF ISRAEL

MAY 20, 2018, 1:04 AM

A disagreement over the ownership rights to the Aphrodite natural gas field in Cyprus is delaying billion-dollar plans to turn the eastern Mediterranean area into a larger energy hub. Aphrodite is located along the edge of Cyprus’ economic waters. One of its tips stretches across Cyprus’ border into Israel’s maritime zone. According to a recent estimate in Israel, there are as much as 10 billion cubic meters of gas worth close to $1.5 billion at stake. However, this amount is less than 10% of Aphrodite’s total reserves. Israel has said that it will not give up on this gas and that companies operating on the Israeli side are ready for legal action if Aphrodite is developed without them.

Prime Minister Benjamin Netanyahu and Energy Minister Yuval Steinitz have flown to Cyprus to discuss plans to join the two countries’ electricity grids and build a pipeline to supply Mainland Europe with their gas fields. Energy Minister Steinitz has said that he was optimistic that the dispute will be solved within six months and that the governments have asked the companies to reach an agreement among themselves on how much gas is located on each side’s economic waters. If the dispute is not resolved within a specified period, they will turn to an international expert, not an arbitrator. Cyprus’ Energy Minister Yiorgos Lakkotrypis has suggested a similar course of action.

Energean receives Class approval for FPSO design for Karish-Tanin - WORLD OIL

MAY/8/2018

LONDON -- Energean Oil & Gas, the independent oil and gas exploration and production company focused on the Eastern Mediterranean, announced that it has received Class approval from DNV-GL, the global quality assurance body, for the Basic Design of the new-build Floating Production Storage and Offloading (FPSO) that will be deployed at its deepwater Karish-Tanin development, offshore Israel.

This rapid obtainment of Class approval reflects the maturity of the FPSO design at Final Investment Decision (FID) and keeps the development on track to cut first steel as planned before the end of 2018.

Early Class approval was viewed as a critical milestone and its achievement, on schedule, validates the adopted strategy of building upon an existing hull design from TechnipFMC subsidiary, Inocean.

Energean cleared of Karish-Tanin legal hassle - UPSTREAM ONLINE

3 May 2018 07:44 GMTAnamaria Deduleasa

Greek independent Energean Oil & Gas has been cleared of a legal hassle involving the approval of its Karish and Tanin gas field development off Israel.

Athens-based Energean said on Thursday that the petition filed by Hof Hacarmel – a regional council located in the northern Israeli coastal plain - has been dismissed by the Israeli Supreme Court.

Hof Hacarmel filed the petition against the Israeli Ministry of Energy, the Petroleum Commissioner, two planning and construction authorities, Energean’s local subsidiary in Israel and an environmental union of local authorities, in connection with the project, trying to stop its development.

Energean's field development plan for the project was approved by the Israeli authorities in August last year. Since then, the company approved the $1.6 billion final investment decision to proceed with the development, having secured finance and equity funding for the project.

Energean takes FID on Karish and Tanin gas project, offshore Israel - WORLD OIL

MARCH/23/2018

ATHENS -- Energean Oil & Gas PLC has announced that its board of directors has approved the Final Investment Decision (FID) to proceed with the $1.6-billion Karish & Tanin Development Project, offshore Israel.

$405 million of the $460 million raised from the recent IPO of Energean will be used to fund the Company’s 70% share in the project, while the remaining 30% will be funded by Kerogen Capital, Energean’s partner in the project.

The project is also being financed through a Senior Credit Facility of $1.275 billion recently announced and underwritten by Morgan Stanley, Natixis, Bank Hapoalim and Société Générale.

Energean has secured long-term gas agreements with some of the largest private power producers and industrial companies in Israel. The Company has contracted for the purchase of a total of 61 Bcm of gas over a period of 16 years, at an annual rate of approximately 4.2 Bcm per year (on an ACQ basis).

Energean will develop the project through a new build, owned FPSO with gas treatment capacity of 800 MMscfd (8 Bcm/per annum) and liquids storage capacity of 800,000 bbl, which the Company believes provides a flexible infrastructure solution and, potentially the scope to expand output for potential additional projects. A 90-km gas pipeline will link the FPSO to the Israeli coast and necessary onshore facilities to allow connection to the domestic sales gas grid operated by INGL, the national gas transmission company.

Energean appoints Stena drillship for development drilling at Israel's Karish field - WORLD OIL

Stena Forth Drillship

JAN/29/2018

ATHENS -- Energean Oil & Gas is pleased to announce that Energean Israel has signed a contract with Stena Drilling for the development drilling of Karish field, offshore Israel.

Pursuant to the contract, Stena Drilling will deploy the Stena Forth drillship (or such substitute as may agreed by the parties) to drill three development wells in first-quarter 2019 (with provision made for further options), subject to Energean’s Final Investment Decision (FID) regarding the Karish and Tanin fields.

The Stena Forth, one of the DrillMAX Fleet vessels, is a DP Class 3 ultra-deepwater drillship with a track record in world-wide operations, ranging from the Mediterranean (Libya), Egypt (Gulf of Suez), Malaysia, Greenland and the U.S. (Gulf of Mexico).

Noble Energy VP: We'll meet our timeline of delivering gas - JERUSALEM POST

December 6, 2017 16:57 
MAAYAN HOFFMAN

The Leviathan offshore natural gas field has brought Israel into a new era, according to Binyamin A. Zomer, vice president for regional affairs for Noble Energy, which operates Leviathan.

Speaking at Wednesday’s Jerusalem Post Diplomatic Conference, Zomer said that since February, when Noble Energy announced a “final investment decision” – a commitment to fully invest in the development of the Leviathan natural gas field off the Haifa coast, Israel’s biggest-ever infrastructure project – the company has completed almost 30% of the project.

“We will meet our timeline of delivering gas to Israel and neighboring countries before the end of 2019,” said Zomer.

Energean Signs Additional Gas Sales and Purchase Agreements for Natural Gas Supply from the Karish and Tanin Fields - BUSINESS WIRE

October 30, 2017 09:41 AM Eastern Daylight Time

LONDON--(BUSINESS WIRE)--Energean Oil & Gas (“Energean” or “the Company”) is pleased to announce that Energean Israel has signed three new Gas Sales and Purchase Agreements (“GSPAs”) with Dorad Energy Ltd. ("Dorad"), and with Ramat Negev Energy Ltd. ("Ramat Negev") and Ashdod Energy Ltd. ("Ashdod"), both subsidiaries of the Edeltech Group, for natural gas supply from the Karish and Tanin Fields, offshore Israel.

“The GSPA’s signed today enable the diversification of natural gas supply sources for local projects and contribute to the companies' business strategies.”

Israeli Petroleum Commission approves Karish field development plan - OIL & GAS JOURNAL / ENERGEAN OIL & GAS

HOUSTON, Aug. 30 2017
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.

Ofer cos to buy Energean gas for $6b - GLOBES

Idan Ofer

8 Aug, 2017 19:12
Sonia Gorodeisky

Israel Chemicals, Oil Refineries, and OPC Energy signed a 15-year deal to buy gas from Tanin and Karish.

OPC Energy, Oil Refineries Ltd. (TASE:ORL), and Israel Chemicals(TASE: ICL: NYSE: ICL), companies controlled by Idan Ofer, today notified the Tel Aviv Stock Exchange (TASE) that they had signed an agreement in principle to buy natural gas from the Karin and Tanin reservoirs owned by Greek company Energean. The agreement amounts to $6 billion over 15 years.

The three companies negotiated jointly in an attempt to obtain better terms. According to the report, OPC Energy will buy 9 BMC, Oil Refineries 17 BCM, and Israel Chemicals 23 BCM.