Page 9 - MEOG Week 23 2022

MEOG PROJECTS & COMPANIES MEOG

FPSO arrives in Israel

for Karish development

ISRAEL LONDON and Tel Aviv-listed Energean’s pro- pipeline to Egypt for liquefaction and onward
duction unit has arrived in Israeli waters in export to the European Union.
preparation for the start of development at the The news was not so well received by Leb-
Karish gas field. anon, whose President Michel Aoun said that
The Energean Power FPSO reached the East- “any action or activity in the disputed area rep-
ern Mediterranean via the Suez Canal – the first resents a provocation and an aggressive action.”
time such a unit has traversed the waterway – Long-running, on/off talks to demarcate their
to conclude a 35-day journey from Sembcorp maritime border remain ongoing, though there
Marine’s Admiralty Yard in Singapore. has been little to suggest a resolution will be
Mathios Rigas, Energean CEO, said the forthcoming.
FPSO’s arrival “marks a major step forward in The unit’s arrival comes just a few weeks after
delivering first gas from Karish, which remains Energean announced its latest exploration suc-
on track for Q3 2022. We look forward to con- cess offshore Israel, declaring in early May the
tinuing our progress through Karish first gas, the discovery of 8bn cubic metres of recoverable gas
commercialisation of the newly defined Olym- with its Athena exploration well in the “A, B and
pus Area and contributing to energy security and C sands” of the offshore Block 12.
competition of supply for the region.” The Athena well is located 20 km from Kar-
The company said it would begin hook-up ish gas field, which is estimated to hold 267mn
and commissioning operations for the FPSO, barrels of oil equivalent of 2P reserves as well as
which include “risers and jumpers installation another 37mn boe of 2C resources.
as well as the commissioning of the sales gas While it underperformed the pre-drill target
pipeline”. of 19.8 bcm, Energean said the find was “par-
It added that commissioning was expected to ticularly significant, as it de-risks an additional
take around three to four months. 50 bcm of mean unrisked prospective resources
The update was welcomed by Israeli Energy across Energean’s Olympus Area”, which includes
Minister Karine Elharrar, who came into office the new find, undrilled prospects in Block 12 and
with the intention of moving the country away the adjacent Tanin licence area.
from hydrocarbons to focus on renewable It added that the “economics of gas produced
energy. She said that gas from Karish would and sold from Block 12 are not subject to royal-
“strengthen Israel’s supply surplus and energy ties payable to the original sellers of the Karish
security”, noting that Karish “positions Israel and Tanin leases”, giving the concession’s gas
as a natural gas power, and will make it possible sales an 8% revenue advantage compared to
to increase natural gas exports”, including via those assets.™

Week 23 08•June•2022 www. NEWSBASE .com P9