According to a new estimate, the Karish North field offshore Israel, which is operated by Energean Oil and Gas, would contain gross resources of 1.2 tcf (33.7 bcm) of gas and 39 mbl of liquids (a total of 250 Mboe, of which 84% is gas. This is 32% more than the previous estimate. The independent oil and gas producer submitted an addendum to the Karish and Tanin field development plan, to include the Karish North development, envisaging a production capacity of up to 300 mcf/d (approximately 3 bcm/year). A final investment decision is expected before the end of 2020, and the first production in 2022.
Total reserves across the Karish, Tanin and Karish North are now estimated to be almost 3.5 tcf (99 bcm) of gas plus 82 mbl of liquids, i.e. a total of 698 Mboe (88% of which is gas). These reserves will be developed and commercialised 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. The company owns 70% in these two gas projects, in partnership with Kerogen Capital (30%). Energean has signed sales and purchase agreements (SPAs) for 4.6 bcm/year from its Karish and Tanin 8 bcm/year floating, production and storage unit (FPSO).