Energean is running three Field Development Programmes, offshore Israel, offshore Northern Greece and offshore Western Greece and plans to invest more than US $2 billion up to 2021.
Energean made Final Investment Decision for the Karish and Tanin development project in March 2018. In December 2017, Energean's subsidiary, Energean Israel, with the financial backing of its partner Kerogen Capital, received from the Israeli Government the approval for the Field Development Plan (FDP) to develop the 2.2 TCF of gas 2P reserves of the Karish and Tanin fields via a gas FPSO.
Total investment for the Karish Development is US$1.6 billion. TechnipFMC has been awarded a lump sum EPCIC US$ 1.36 billion contract. Stena Drilling has been awarded the contract to drill three development wells into the Karish discovery during 2019 (see Schematic Development in the picture above).
The Company took FID in March 2018 and aims to achieve first gas in 2021. Energean has already signed 13 Gas Sales and Purchase Agreement for a total of 4.6 BCM annually.
Energean Oil & Gas has been executing a US$350 million investment programme for the Prinos Basin up to 2021, aiming to develop the 40 million barrels of oil 2P reserves. The fully refurbished rig and barge, “Energean Force”, is conducting the latest drilling programme, and has successfully completed the drilling of 9 wells since December 2015. 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.
Energean also 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. Commencing environmental and social impact assessment has been submitted in 2018 and the company intends to take FID upon approval. NSAI has audited 10.5 million barrels of oil 2P reserves.