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 signs additional Gas Sales and Purchase Agreement for Karish and Tanin - ENERGEAN OIL & GAS

London, 2 January 2019

Energean asks Cyprus for approval to import Israeli gas via new pipeline - REUTERS

JULY 5, 2018 / 6:24 PM

Reporting by Shadia Nasralla; Editing by Mark Potter

LONDON (Reuters) - Energean is seeking approval from Cyprus for the Greek oil and gas firm to build a pipeline from its Israeli offshore gas fields and import 0.5 to 1 billion cubic meters of gas a year to the island, Energean’s chief executive said on Thursday.

Energean, which listed on London’s main stock exchange this year, has committed $1.6 billion to the Karish and Tanin fields which have potential reserves of 2.4 trillion cubic feet of natural gas and 32.8 million barrels of light oil and condensate.

It estimates the five blocs it owns around Karish and Tanin contain an additional 5 trillion cubic feet of gas. It expects an external assessment over the coming weeks.

“We submitted a proposal to sell gas from the FPSO (Floating Production Storage and Offloading facility) to Cyprus. We sent it last week,” CEO Mathios Rigas told Reuters.

Energean to boost east Mediterranean output - TIMES OF OMAN

April 21, 2018 | 4:21 PM

London: Freshly London-listed Energean Oil & Gas is boosting its Greek output and expects first gas from its Israeli fields in the first quarter of 2021, making it one of the biggest independent energy firms operating in the eastern Mediterranean.

Energean listed last month, raising $460 million to develop two Israeli offshore gas fields, Karish and Tanin, which have potential reserves of up to 2.4 trillion cubic feet of gas and 32.8 million barrels of light oil and condensate.

It also won five more Israeli blocks nearby and plans to publish their contingent resource data in the next few months, Chief Executive Mathios Rigas told Reuters in a phone interview.

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 submits FDP for Karish and Tanin gas fields, offshore Israel - WORLD OIL

JUNE/20/2017

LONDON -- Energean Oil & Gas has announced that its subsidiary, Energean Israel, has submitted the Field Development Plan (FDP) for the Karish and Tanin natural gas fields, offshore Israel, to the Israeli Petroleum Commissioner.

Energean Israel holds 100% of Karish and Tanin, which combined have 2.7 Tcf of natural gas and 41 MMboe of light hydrocarbon liquids, totaling 531 MMboe 2C resources.

The Karish Main Development envisages drilling three wells, using a new Floating Production Storage and Offloading (FPSO) unit that will be installed approximately 90 km away from shore, with 400 MMscfd capacity. The development through an FPSO will enable Energean to maximize the recovery of reserves and minimize environmental impact. It will also allow light hydrocarbons liquid to be safely processed, stored and offloaded away from the coast, with minimal onshore installations needed.

Energean to tender for $500m FPSO - TRADEWINDS / UPSTREAM

FPSO Mystras operating offshore Nigeria

May 8th, 2017 12:56 GMT
Gary Dixon

Greek group wants unit for Karish gas project off Israel.

Greece's Energean Oil & Gas is tendering for a new $500m FPSO.

The company wants the unit for its $1.3bn Karish gas and condensate project off Israel.

The FPSO must be ready by 2020 when the first gas is pumped.

Energean chief executive Mathios Rigas told TradeWinds' sister publication Upstream:

"I think we will be looking to go to the market probably in the summer, towards the start of the third quarter. If we are able to contract yards soon we will get a lot better prices rather than waiting."