Energean begins producing gas from Karish

Published: 27.10.2022 Related countries:  Israel Israel

Energean said initial annual capacity is up to 6.5 BCM and commercial gas sales are expected to reach this level four to six months following first gas

Greek-UK energy exploration and production company Energean plc (LSE: ENOG; TASE: ENOG) has announced that it has begun production of the first natural gas from Israel's Karish offshore field. The company said that this is a major milestone in promoting the vision of competition in Israel's natural gas market and enhancing Israel's energy independence and security of supply. Israel's two major gas fields - Leviathan and Tamar - are both operated by Chevron.

The Energean Power FPSO rig and the sales gas pipeline have an ultimate annual capacity of 8 billion cubic meters (BCM). The initial annual capacity is up to 6.5 BCM 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 annual capacity of 8 BCM.

Energean CEO Mathios Rigas said, "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."

Source: www.en.globes.co.il

Prepared by Anastasiya Gluhov - CzechTrade Israel