LogIn LogOut

Energean Ups Israeli Offshore Field Size Estimate

April 9, 2020

Energean Power FPSO Hull leaving China - Credit: Energean Oil and Gas
Energean Power FPSO Hull leaving China - Credit: Energean Oil and Gas

Eastern Mediterranean-focused gas group Energean said on Thursday a report showed its Karish North field contained around a third more gas and oil than it had previously thought.

The Karish North field, according to an expert report typically used in the industry, contains so-called 2C resources of 34 billion cubic meters of gas and 39 million barrels of oil.

This lifts Energean's gross resources at its Israeli offshore fields, for which it has secured offtake agreements, to 99 billion cubic meters of gas and 82 million barrels of oil, which equates to 698 million barrel of oil equivalent.

Energean has commissioned an 8 billion cubic meter per year floating production, storage and offloading (FPSO) vessel, which sailed from its initial construction yard in China this month. It has already secured contracts for around 5.6 bcm a year.

"Energean continues to actively market additional gas volumes to secure additional long-term cash flows that are largely insulated from global commodity price fluctuations," the group said. 

(Reporting by Shadia Nasralla Editing by David Holmes)



Current News

Oil Drops but Still Set for Biggest Monthly Gain in Years

Oil Drops but Still Set for Biggest Monthly Gain in Years

Melbana Gets More Time for Find Beehive Drilling Partner

Melbana Gets More Time for Find Beehive Drilling Partner

Industry Group Calls for 'Key Worker' Status for Offshore Energy Workers

Industry Group Calls for 'Key Worker' Status for Offshore Energy Workers

UAE: Jack-Up Providers Team Up to Cut Costs

UAE: Jack-Up Providers Team Up to Cut Costs

Pertamina to Develop Cilacap Refinery without Saudi Aramco

Pertamina to Develop Cilacap Refinery without Saudi Aramco

Petrofac in Iraq Contract Extension

Petrofac in Iraq Contract Extension

Gastech Postponed for 2021

Gastech Postponed for 2021

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com