Energean maintaining development activities offshore Israel

Offshore staff

ATHENS, Greece — Energean expects the Karish North gas-condensate tieback offshore Israel to come onstream during the current quarter via the FPSO Energean Power.

Production will flow through the newly installed second gas export riser, and this should be followed by the second oil train, as soon as the security situation locally allows.

Energean next intends a phased development of the offshore Katlan/Tanin area. The company received approval last month from Israel’s government for its Phase 1 plan, which covers the Athena, Zeus, Hera and Apollo discoveries.

It expects to take FID after finalizing EPC terms, which it is currently negotiating.

In the Gulf of Suez offshore Egypt, the company completed the NEA/NI development by bringing the remaining two wells PY#1 and NI#1 online at the end of December. Production from the fields is currently 72 MMcf/d.

At the offshore Abu Qir Field, the infill well NAQPII#2 came online earlier this month, and Energean is now assessing other infill and step-out exploration opportunities around the Abu Qir hub.

It is also in talks with the Egyptian authorities on merging Abu Qir, NEA and NI into a single production concession to streamline the fiscal conditions and extend the fields’ economic lives.

Drilling continues on the non-operated Orion-1X exploration well (Energean owns 19% subject to government approvals) in the offshore North East Hap'y concession.

Offshore Sicily, operator Eni started drilling operations in November 2023, and first gas should flow during the summer. In addition, Eni/Energean will likely drill the nearby targets Gemini and Centauro on the same license.

Recently, Italy’s government introduced a new framework to unlock previously frozen concessions. Energean is looking to progress activity in non-operated concessions in the Upper Adriatic Sea and the Sicilian Channel to unlock further reserves.

Finally, the European Commission has named the company’s Prinos Carbon Storage project offshore western Greece a project of common interest. Energean has signed non-binding memoranda of understandings to store about 5 MM metric tons per year of captured CO₂, with grants committed worth EUR150 million ($163 million).

The company now aims to convert its exploration license into a storage permit.

01.18.2024