Offshore staff
ATHENS, Greece – Energean will pursue a revised shallow-water tieback development of the Epsilon field offshore western Greece, subject to finalization of a funding package.
The estimated Phase 1 capex is around $70 million, including construction of the Lamda platform and completion of three pre-drilled production wells. Greece’s government, with the approval of the European Commission, has agreed to supply funds to support the development.
Production should begin around 15 months after the start of reinvestment, reaching more than 10,000 boe/d at peak.
Future work plans are as follows:
- Phase 2: Six workovers on existing wells
- Phase 3: Drilling nine further wells at the Epsilon Lamda platform
- Phase 4: Prinos North B and Lydia horizontal wells and Prinos Main infill drilling.
Energean’s longer-term goals are to apply its subsurface knowledge from the Prinos area to develop a carbon capture and underground storage/’eco-hydrogen’ project.
Elsewhere in the Eastern Mediterranean region, the company’ Karish gas/condensate development offshore Israel was more than 90% complete at the end of April, with subsea works (performed by TechnipFMC) 82.3% complete.
The FPSO, under construction in Singapore, was 95.6% complete as of April 30. However, the government in Singapore recently tightened movement of people in response to increased cases of COVID-19.
As a result, the Admiralty Yard is facing difficulties in mobilizing sufficient personnel with the requisite trades to maintain the previous schedule. But manpower availability should ease in the coming weeks as other projects in the yard approach completion.
The FPSO Energean Power should now sail to Israel in 1Q 2022, with first gas following in mid-2022.
Energean expects to sign a rig contract shortly for three firm wells plus two optional wells offshore Israel, with the first likely to spud early next year on the 700-bcf Athena prospect.
A success here would de-risk remaining recoverable resources in block 12, estimated at 3.1 tcf of gas.
The second firm well will be the first Karish North development well, while the third firm well will target prospective resources in the Karish Main block, including the potential oil rim identified as part of the KM-03 development well drilling.
05/24/2021
