History Made: Energean Announces First Ever Israeli Crude Oil Export

Tuesday, February 14, 2023

Oil and gas company Energean on Tuesday announced the first ever lifting of an Israeli crude oil cargo had taken place at Energean's Karish offshore field. 

"For the first time in the history of Israeli oil & gas production, hydrocarbon liquids will be exported to global markets," Energean said.

"Utilizing the regionally unique liquids storage and offloading capability of the FPSO "Energean Power", the liquids are offloaded in a controlled manner and sold into various global markets.  

This creates a significant, differentiated income stream, fundamentally separate to gas derived revenues.  The cargo has been sold as part of a multi cargo marketing agreement with Vitol; the first of a new source of East Med energy to reach Europe," Energean said.Energean Power FPSO - File image: Energean

Nick Witney, Energean Group Commercial Director, said: "While we remain a gas focused company, with our Israeli gas production central to our role in enabling the energy transition, light, sweet crude oil responsibly produced from modern, low carbon intensity facilities is very much in demand, globally.”

 Mathios Rigas, Energean CEO, said: "We are happy and proud that Energean has facilitated Israel joining the club of international oil exporters. This is another milestone for us, enhancing Energean’s growth as a significant player in the local and regional markets.”

The Energean Power FPSO is anchored in the Mediterranean Sea, 80 kilometers west of Israel's coast. It is the third production unit offshore Israel after the Tamar and Leviathan platforms.

The FPSO started gas production in October 2022.


Categories: Energy Middle East Industry News Activity Production Floating Production Mediterranean Sea

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