Independent oil and gas producer Energean has announced a significant gas discovery at its Karish North exploration well offshore Israel. The initial gas located in place is currently estimated to range between 1 Tcf (28 bcm) and 1.5 Tcf (42 bcm). These reserves will be developed and commercialized via a tie-back to the 8 bcm/year Energean Power FPSO, which is located 5.4 km from the Karish North well. Gas will be shipped through a 90-km long gas pipeline to the Israeli coast. The infrastructures are expected to be commissioned in 2021.
Energean took the Final Investment Decision (FID) to proceed with the development of the Karish and Tanin gas projects in March 2018. Energean will own 70% in the Karish and Tanin gas projects, in partnership with Kerogen Capital (30%). Gas resources are estimated at 2.4 tcf (nearly 68 bcm). In December 2018, Energean signed a new gas sales and purchase agreement with IPM Beer Tuvia to deliver an estimated 5.5 bcm of gas (between 0.26 bcm/year and 0.38 bcm/year) from its Karish and Tanin floating, production and storage unit (FPSO) offshore Israel over a period of 19 years. Energean has now signed sales and purchase agreements from the FPSO for 4.6 bcm/year, out of the facility's total nameplate capacity of 8 bcm/year.