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 Karish and Tanin fields via a gas FPSO.
TechnipFMC has been awarded a lump sum EPCIC 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).
Predicted capex for the project is in the range of US$1.6 billion, and the Company aims to reach FID in Q1 2018 and achieve first gas in 2021, at a rate of 4bcm/year.
Energean Oil & Gas has been executing a US$353 million investment programme for the Prinos basin up to 2021, aiming to develop the 40 million barrels of 2P oil reserves. The fully refurbished rig and barge, “Energean Force”, is conducting the latest drilling programme, which consists of 25 wells at the Prinos, Epsilon and Prinos North oil fields, further to the drilling of 7 wells that the company has already successfully completed. 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. Commencing environmental and social impact assessment to be submitted in 2018 and the company intends to take FID upon approval. First oil expected in 2020
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.