The field development plan for the Karish and Tanin fields offshore Israel has been approved by the Israeli Petroleum Commissioner.
Energean Israel, a 50/50 joint venture between Energean Oil & Gas and Kerogen Capital, plan to drill three wells, which would be produced by a 400 MMscf/d production capacity floating production, storage and offloading (FPSO) vessel, for the estimated US$1.3-1.5 billion Karish Main development, about 90km offshore.
Karish and Tanin contain 2.7 Tcf of natural gas and 41 MMboe of light crude, totalling 531 MMboe of 2C resources.
A final investment decision is due before the end of 2017, with first gas expected in 2020.
Energean has appointed Morgan Stanley as Project Finance Advisor for the investment required for the Karish development.
Energean CEO Mathios Rigas said: “The Israeli Government’s approval of the field development plan is a major milestone and achievement for us, and we are grateful for their swift handling of our submission. We are working at full speed to achieve the planned FID by year end, and we have made significant progress in agreeing terms on the necessary gas sales contracts to this effect. We have already signed agreements or memorandum's of understanding for volumes exceeding 3 Bcm per year. FDP approval takes us a significant step nearer to delivering a more competitive gas market to the benefit of the people and businesses of Israel.”
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