Energean appoints Stena drillship for development drilling at Israel's Karish field

1/29/2018

ATHENS -- Energean Oil & Gas is pleased to announce that Energean Israel has signed a contract with Stena Drilling for the development drilling of Karish field, offshore Israel.

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Stena Forth drillship. Photo: Stena Drilling.

Pursuant to the contract, Stena Drilling will deploy the Stena Forth drillship (or such substitute as may agreed by the parties) to drill three development wells in first-quarter 2019 (with provision made for further options), subject to Energean’s Final Investment Decision (FID) regarding the Karish and Tanin fields.

The Stena Forth, one of the DrillMAX Fleet vessels, is a DP Class 3 ultra-deepwater drillship with a track record in world-wide operations, ranging from the Mediterranean (Libya), Egypt (Gulf of Suez), Malaysia, Greenland and the U.S. (Gulf of Mexico).

The Stena Forth will be mobilized from Las Palmas, Spain, where she is currently located. The Karish development program includes the drilling of three development wells and production from a new Floating Production, Storage and Offloading (FPSO) vessel, approximately 90 km offshore. First gas is expected in 2021.

Stena Drilling is headquartered in Aberdeen, Scotland, and is one of the world’s leading independent drilling contractors, a wholly-owned subsidiary of Stena AB, Gothenburg, Sweden.

Energean considers this to be significant step in the development of Karish and part of a development plan which targets supplying gas to the growing Israeli gas market. Stena Drilling’s calibre, experience and safety record was crucial in making this decision, given Energean’s commitment to achieving the highest standards of HSE performance and the requirement to operate in line with or exceed the European Directive on Safety of Offshore Oil & Gas Operations, as implemented by the UK safety directive.

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