Greece-based explorer Energean Oil & Gas said it is planning to achieve first gas from the Tanin and Karish fields offshore Israel by 2020.
The firm, in which the Petroleum Council of Israel has approved its US$148 million acquisition of 100% of the two fields, from Delek Drilling and Avner, said it would submit a field development plan (FDP) within six months and would be investing about US$1 billion over "the next few years."
The Karish and Tanin fields, discovered in 2013 and 2011 respectively, 40km apart, have 2C gas resources of circa 2.4 Tcf, according to Energean. They were operated by Noble Energy, but, under Israel's Gas Framework, Noble, operator of the massive Leviathan field, had to sell out.
Mathios Rigas, CEO of Energean, said: “The acquisition of Karish and Tanin and their development is a significant step for Energean, but it is also a big milestone for Israel in developing its gas strategy, by bringing competition in the local market.
“Karish and Tanin will supply the Israeli domestic market for many years and we are eager to press ahead with its development as soon as possible.”
The Karish and Tanin FDP is the third FDP that Energean is committed to over the next few years with development programs being prepared for the Epsilon (North Aegean Sea) and West Katakolon (Western Greece/Ionian Sea) with combined 2P reserves of circa 25 MMbbl.
Katakolon was approved to move into development by the Greek Government in late November. Energean has additional exploration acreage in Western Greece, Montenegro and Egypt. The company anticipates an investment of around $1.3 billion in exploration and development (including Karish and Tanin) over the next five years.
Image from Energean
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