Karish

 

According to a CPR produced by NSAI in June 2019, the Karish Field contains 267 mmboe 2P reserves plus 37 mmboe 2C resources (70% net to Energean)

 

267 mmboe 2P reserves

37 mmboe 2C resources

Energean made Final Investment Decision for the development project in March 2018. The Karish main field will be the first asset to be developed in the Karish and Tanin blocks by the Group. Karish was selected as the initial development as it is the largest discovery, is expected to provide the highest yield of liquid per volume of produced gas and is the closest discovery to shore. 

TechnipFMC has been awarded a lump sum EPCIC Contract. Stena Drilling completed the drilling of three development wells during 2019.

The Company has decided to develop the Israeli fields using the "Energean Power" FPSO (Floating Production Storage Offloading) that will be installed 90 km offshore, making it the first FPSO ever to operate in the Eastern Mediterranean. The FPSO will have a gas treatment capacity of 800 MMscf/day (8 BCM/per annum) and liquids storage capacity of 800,000 bbls, which the Company believes provides a flexible infrastructure solution and, potentially the scope to expand output for potential additional projects.

Download the Karish and Tanin FDP

Download the Karish Development Environmental & Social Impact Assessment (ESIA)

First steel was cut on the FPSE in Cosco Yard, in Zhousan, China on November 26, 2018. "Energean Power" FPSO hull sailed away from the Cosco Yard in China on April 3rd, 2020. The hull arrived in Singapore on April 15th, 2020.

Following a shut down due to the COVID-19 pandemic, works at the Admiralty Yard resumed in June 2020, with first topsides lift completed in August 2020.  Based on the excellent progress that has been made on the topsides, it is anticipated that the integrated Hull and Topsides will sail away from Singapore to Israel in summer 2021. First gas from the project anticipated in 2H 2021.

Video: Completion of the Karish pipe laying and subsea systems integration

CAPEX for the Karish development is estimated at US$1.6 billion.