Page 10 - MEOG Week 18 2022
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MEOG PROJECTS & COMPANIES MEOG
Energean signs supply
deal as FPSO sets sail
ISRAEL LONDON-LISTED Energean this week competition and efficiency of the electricity mar-
announced that it has signed a deal to supply ket, for the benefit of Israeli consumers”. The EH
gas from its Karish field offshore Israel to a local Partnership was the winning bidder in a tender
power plant as its production unit heads for the process for the IEC East Hagit facility.
Eastern Mediterranean. Energean has previously signed agreements
The company said that it had agreed a gas to supply the recently privatised Ramat Hovav
sales and purchase agreement (GSPA) with the and Alon Tavor power plants and agreed a deal
East Hagit Power Plant covering up to 0.8bn with IEC in March that “ensures full utilisation
cubic metres per year of flows over 15 years, for a of its FPSO capacity”.
total contract quantity of up to 12 bcm. Also in March, Energean reported that it
In a company statement, Energean CEO had connected its Karish gas field to the Israel
Mathios Rigas said: “This is the third in a row National Gas Line (INGL). The company took
for us from the Israel Electric Corp. (IEC) power a final investment decision (FID) on the Karish
plant privatisation programme and I want to North gas development in January 2021, less
thank Edeltech and Shikun & Binui Energy for than two years after making the discovery.
their continued trust and confidence.” Energean, which operates Karish North and
Rigas added that the Energean Power FPSO, the nearby Karish Main, has been certified to
which will be used to process gas from Karish, contain gross 2C resources of 1.2 trillion cubic
has left the COSCO Marine shipyard in Singa- feet (33.7 bcm) of gas and 39mn barrels of liq-
pore, noting that the company remains on track uids, according to a competent person’s report
to achieve first gas from the field in Q3. (CPR) by DeGolyer & McNaughton published
The EH Partnership commented that the deal in June 2020.
was “another important step in the completion of The Karish asset is estimated to hold 267mn
the East Hagit acquisition, with Energean noting barrels of oil equivalent of 2P reserves as well as
that GSPA remains subject to successful finalisa- another 37mn boe of 2C resources. The discov-
tion of the privatisation process.” ery was made in April 2019.
While Energean said the deal could generate Gas from the field will be fed into the INGL
revenues of up to $2bn over the 15-year period, system by the Energean Power FPSO, 90 km off-
Edeltech and Shikun & Binui Energy noted shore, which will be connected to pipelines run-
that it marks “a further stage […] to increase ning to Dor Beach in the north of the country.
P10 www. NEWSBASE .com Week 18 04•May•2022
