Energean has taken the final investment decision on the Karish North gas development offshore Israel, expecting a production of up to 300 mcf/d (approximately 3 bcm/year) starting in the second half of 2023. The Karish North field is estimated to hold 32 bcm of gas and 34 mbl of liquids (around 241 mboe), which will be commercialised thanks to a low-cost tie-back to the Energean Power FPSO. Initial capital expenditure in the project is estimated at US$150m.
According to a new estimate, released in November 2020, Energean’s gross 2P (proven and probable) reserves in Israel now stand at 729 Mboe, which is 44% higher than a previous estimate. The Karish, Karish North and Tanin fields are now estimated to hold 98.2 bcm of gas and 99.6 mbl of oil. The increase was principally driven by the upgrade of resources following approval of the Karish North Field Development Plan by the Israeli government in August 2020. Energean's next exploration campaign, planned in early 2022, could revise those figures. Energean took the final investment decision 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).