Energean Reports More Success off Israel
Mediterranean-focused Energean Oil and Gas has reported “excellent” results from an appraisal well at the Karish North gas discovery it made off Israel in April.
The well, drilled 700 metres north of Karish North discovery probe, confirmed best-estimate recoverable resources of 24.9bn m3 of gas and 34.2mn barrels of light oil and condensate, the London-listed company in a statement on November 4. The well encountered gas water contact at a depth of 4,791 metres, identifying a 310-metre hydrocarbon column.
“This is an excellent result from the Karish North appraisal sidetrack, confirming in place volumes in the top half of pre-drill estimates,” CEO Mathios Rigas said.
Karish North will be tied back to a 8bn m3/yr floating production storage and offloading (FPSO) vessel which Energean has ordered for its main Karish and Tanin gas fields. The company took a final investment decision on the fields’ development in March 2018 and first gas is anticipated in 2021.
Energean has already sealed contracts to deliver 4.7bn m3/yr of gas from the FPSO to the Israeli market, and is targeting future sales both domestically and abroad.
The company agreed in July acquire the upstream arm of Italy’s Edison for $750mn in order to expand its Mediterranean footprint further – a deal it expects to wrap up by the end of this year. But it intends to sell on Edison’s North Sea assets to UK-based Neptune Energy for up to $250mn.