Energean Receives Approval from the Israeli Government for the Field Development Plan for the Karish and Tanin Gas Fields
Approval is a major step towards delivering the US$1.3-1.5 billion
development on time and on budget in 2020
LONDON–(BUSINESS WIRE)–Energean Oil & Gas (“Energean” or “the Company”) is pleased to announce
that its subsidiary Energean Israel, a 50/50 JV between Energean and
Kerogen Capital, has received approval from the Israeli Petroleum
Commissioner for its Field Development Plan (“FDP”) for the development
of the Karish and Tanin natural gas fields, offshore Israel. The FDP
application was submitted on 20 June 2017.
As stated at the time of submission, Energean Israel owns 100 per cent
of the Karish and Tanin Fields, which combined have 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
Main Development envisages drilling three wells, using a Floating
Production Storage and Offloading (FPSO) unit that will be located
approximately 90 km offshore with a production capacity of 400 mmscf/day.
The next stage in the field development, which envisages first gas
production in 2020, is to reach the Final Investment Decision (“FID”)
which is anticipated before the end of 2017. The Company has appointed
Morgan Stanley as Project Finance Advisor for the US$1.3-1.5 billion
investment required for the Karish development.
Commenting on the approval, Energean CEO, Mr. Mathios Rigas, said:
“The Israeli Government’s approval of the Field Development Plan 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.”
ENDS
About Energean Oil & Gas
Energean is a leading independent E&P company focused on the Eastern
Mediterranean region, where it holds nine E&P licenses, encompassing
offshore Israel, Greece, the Adriatic and onshore North Africa. It is
the only oil and gas producer in Greece with a 35-year track record of
operating offshore and onshore assets in environmentally sensitive areas
and employs 480 oil and gas professionals. Through its subsidiary
Energean Israel, the group has resources of 531million barrels of oil
equivalent (2C) in the Karish and Tanin Fields as well as 41 million
barrels (2P) in the Prinos License, offshore North-Eastern Greece.
The Company has recently received approval from the Israeli Government
on the FDP for the Karish and Tanin fields, aiming to use an FPSO and
produce gas in 2020. The Company is pursuing an ongoing investment and
development program to increase production from the Prinos and North
Prinos Oil Fields and develop the Epsilon Oil Field. The Company has
secured a 25-year exploitation license for the West Katakolo offshore
block in Western Greece with first oil expected in 2019/20, which will
represent the first production of oil or gas in the west of country. The
Company also has significant exploration potential in the licenses held
in Western Greece, Montenegro and Egypt, which provide the basis for
future organic growth.
Contacts
Energean Oil & Gas
Sotiris Chiotakis
+30 6932663877
[email protected]
or
Instinctif
Partners
David Simonson / Laura Syrett / George Yeomans
+44
20 7457 2020
