Energean Looking to Boost Israel FPSO Capacity

Shadia Nasralla
Thursday, March 23, 2023

Gas producer Energean is looking at options to increase the capacity of its floating production storage and offloading (FPSO) vessel off Israel to 12 billion cubic meters (bcm) a year, CEO Mathios Rigas told Reuters on Thursday. 

The FPSO is on track by next year to deliver 8 bcm into the Israeli gas market after the start-up of Energean's Karish offshore field last October, which will reach 6.5 bcm capacity by year-end. 

Rigas added Energean would focus on increasing production, which is due to rise from a maximum of around 160,000 barrels of oil equivalent per day this year to 200,000 boed by the second half of next year, from its existing portfolio, rather than buying assets. 

The firm is due to give an update on the development concept of the Olympus area of Israeli gas fields by mid-year, potentially unlocking 68 bcm of reserves and prospective resources. 

As to future markets for its gas, Rigas said Energean would use any new infrastructure, including any potential pipelines between the Eastern Mediterranean and Europe or Cyprus or a new floating liquefied natural gas (LNG) terminal offshore Israel. 

He added that currently Asia offered the best prices for LNG despite Europe's need to replace Russian gas supplies. 

(Reuters - Reporting by Shadia Nasralla  Editing by Jason Neely and Mark Potter)

Categories: Energy Activity FPSO Production Floating Production

Related Stories

North Star Inks Contract with Siemens Gamesa for New East Anglia THREE SOV

Outlook ‘Surprisingly Positive’ for US Offshore Wind

Gulfstream LNG Projects Receives FERC Approval to Start Pre-Filling Process

Current News

Shore Offshore Services Acquires Derrick Barge from TOPS

OneSubsea Scoops 'Sizeable' Contract for Work at Troll Gas Field in North Sea

North Star Inks Contract with Siemens Gamesa for New East Anglia THREE SOV

Ocean Winds Releases Report on Safe UXO Disposal at UK Offshore Wind Farm

Subscribe for OE Digital E‑News