Energean shows off illustration of ‘first FPSO ever to operate in Eastern Mediterranean’

Greek oil company Energean Oil & Gas, the operator of the offshore Karish and Tanin natural gas fields located on the border to Lebanon, has launched an illustration of an FPSO vessel.

Energean submitted the field development plan (FDP) for the Karish and Tanin fields to the Israeli Petroleum Commissioner.

Mid-August the Greek company informed that the Israeli Minister of Energy, Yuval Steinitz, presented Energean’s Karish and Tanin Field Development Plan (FDP) to the National Planning and Building Council.

Following this submission, Energean presented for the first time an illustration of the vessel that will be set and set 90 km away from the shore and used to develop the two fields.

Energean’s subsidiary, Energean Israel, holds a 100% interest in Karish and Tanin project, which combined have 2.7 TCF of natural gas and 41 million barrels of oil equivalent (mmboe) of light hydrocarbon liquids, totaling 531 mmboe 2C resources.

The Karish main development envisages drilling three wells and using a new FPSO unit. It will also comprise a dry gas pipeline connecting the field to the Israeli natural gas transmission system. First gas is expected in 2020. Total estimated capex for the Karish development is $1.3-1.5 billion.

The Tanin area development will follow the development of Karish and envisages drilling six wells connected to the same FPSO.

The Karish & Tanin unit will be the first FPSO ever to operate in the Eastern Mediterranean. It will be able to supply the Israeli market with at least 4BCM per year from 2020.

Energean has already selected TechnipFMC to deliver the Concept and Front End Engineering Design (FEED) for the development.

During the term of the lease, which runs until 2044, and which may be extended to 2054, the Karish and Tanin development is estimated to deliver 88 BCM of natural gas to the Israeli market while up to 44 million barrels of light hydrocarbon liquids will potentially be exported to regional and international markets.

 

Source: Offshore Energy