Energean Ups Israeli Offshore Field Size Estimate

April 9, 2020

Eastern Mediterranean-focused gas group Energean said on Thursday a report showed its Karish North field contained around a third more gas and oil than it had previously thought.

The Karish North field, according to an expert report typically used in the industry, contains so-called 2C resources of 34 billion cubic meters of gas and 39 million barrels of oil.

This lifts Energean's gross resources at its Israeli offshore fields, for which it has secured offtake agreements, to 99 billion cubic meters of gas and 82 million barrels of oil, which equates to 698 million barrel of oil equivalent.

Energean has commissioned an 8 billion cubic meter per year floating production, storage and offloading (FPSO) vessel, which sailed from its initial construction yard in China this month. It has already secured contracts for around 5.6 bcm a year.

"Energean continues to actively market additional gas volumes to secure additional long-term cash flows that are largely insulated from global commodity price fluctuations," the group said. 

(Reporting by Shadia Nasralla Editing by David Holmes)

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