Energean is running three Field Development Programmes, offshore Israel, offshore Northern Greece and Offshore Western Greece and plans to invest more than US $1.5 billion up to 2020.
Energean’s subsidiary, Energean Israel, with the financial backing of its partner Kerogen Capital, has received from the Israeli Government the approval for the Field Development Plan (FDP) to to develop the Karish and Tanin fields via a gas FPSO with TechnipFMC as the appointed FEED contractor (see Schematic Development in the picture above).
Predicted capex for the project is in the range of US$1.3-1.5 billion, and the Company aims to reach FID by the end of 2017 and achieve first gas in 2020, at a rate of 3bcm/year.
Energean Oil & Gas has been executing a US$390 million investment programme for the Prinos basin up to 2021, aiming to develop the 37 million barrels of 2P oil reserves. The fully refurbished rig and barge, “Energean Force”, is conducting the latest drilling programme, which consists of 22 wells at the Prinos, Epsilon and Prinos North oil fields. The company has already successfully completed drilling 6 wells. Energean holds an off-take agreement with BP for the entire production from Prinos.
Energean has also received from the Greek Government the approval for the FDP to develop the West Katakolo offshore block, located in Western Greece.
Energean’s assets are supported by established offshore and onshore infrastructure, consisting of three offshore oil platforms, one gas platform and a comprehensive onshore plant with storage, offshore loading, de‐sulphurisation and power generation facilities.This infrastructure network allows quick and low cost monetization of the reserves.