Energean gets green light for Israeli offshore gas fields

Two Israeli offshore natural gas fields have been given the go-ahead.
The Universal Oil and Gas exhibition takes place in Israel in November

Israel has approved Energean’s field development plan (FDP) for two offshore natural gas fields in the Mediterranean.

The project is a 50/50 joint venture between Energean and private equity fund manager, Kerogen Capital.

The Karish and Tanin fields, off the Israel coast, are considered to hold 2.7 TCF of natural gas and 41 million barrels of oil equivalent (mmboe) of light hydrocarbon liquids, totalling 531 mmboe of 2C resources.

The Karish development will have three wells and will be served by a Floating Production Storage and Offloading (FPSO) vessel situated 60 miles offshore.

Energean works across several countries, employs nearly 500 workers and has 14 wells producing worldwide.

Mr. Mathios Rigas, Energean CEO, said: “The Israeli Government’s approval of the FDP 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 MOUs 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.”