Energean submits FDP for Karish and Tanin gas fields, offshore Israel

6/20/2017

LONDON -- Energean Oil & Gas has announced that its subsidiary, Energean Israel, has submitted the Field Development Plan (FDP) for the Karish and Tanin natural gas fields, offshore Israel, to the Israeli Petroleum Commissioner.

Energean Israel holds 100% of Karish and Tanin, which combined have 2.7 Tcf of natural gas and 41 MMboe of light hydrocarbon liquids, totaling 531 MMboe 2C resources.

The Karish Main Development envisages drilling three wells, using a new Floating Production Storage and Offloading (FPSO) unit that will be installed approximately 90 km away from shore, with 400 MMscfd capacity. The development through an FPSO will enable Energean to maximize the recovery of reserves and minimize environmental impact. It will also allow light hydrocarbons liquid to be safely processed, stored and offloaded away from the coast, with minimal onshore installations needed.

The Karish Main Development 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.

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 MMbbl of light hydrocarbon liquids will potentially be exported to regional and international markets.

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