First Gas Production from Karish offshore Israel

Energean plc confirmed today that first gas has been safely delivered at the Karish field, offshore Israel.

First gas has been achieved on the Karish project. Gas is being produced from the Karish Main-02 well and the flow of gas is being steadily ramped up. Preparation for transmission through the gas sales pipeline is progressing and gas sales to Energean’s customers are expected to commence in the next couple of days. Karish Main-01 and Karish Main-03 wells are expected to be opened up in approximately two and four weeks, respectively.
The Energean Power FPSO and the sales gas pipeline have an ultimate capacity of 8 bcm/yr. The initial capacity is up to 6.5 bcm/yr, and commercial gas sales are expected to reach this level approximately four to six months following first gas. Energean’s growth projects – the Karish North development, the second oil train and the second export riser – are on track for completion in late 2023, following which Energean will be able to produce to the full 8 bcm/yr capacity of its infrastructure.

Mathios Rigas, Chief Executive Officer of Energean, commented: “I am delighted to confirm that Energean has reached first gas at the Karish field, offshore Israel. “We have delivered a landmark project that brings competition to the Israeli gas market, enhances security of energy supply in the East Med region and brings affordable and clean energy that will displace coal-fired power generation, making a material impact to the environment. “We are committed to reach our medium-term targets of 200 kboed production and $1.75 billion of annualised EBITDAX and the delivery of the Karish project is a major milestone towards this goal. We are now focused on ramping up production and delivering the full 8 bcm capacity through our expansion project to the Energean Power FPSO.”

This journey started in 2016 with the acquisition of the Karish and Tanin fields. Israel wanted to ensure both competition in the Israeli gas market and create an enhanced level of energy security.