Energean Plc announced on Jan. 14 it will develop a new natural gas field off the coast of Israel at an initial cost of $150 million.
Energean also said it had signed an 18-month, $700 million loan facility with J.P. Morgan and Morgan Stanley to help fund the development and pay for the acquisition of a minority stake in Energean Israel from private equity firm Kerogen.
The Karish North field, which was discovered less than two years ago, is expected to start production in the second half of 2023, the company said in a statement.
The final investment decision had been expected by the end of 2020.
The field will be connected via a 5.4 km (3.36 miles) pipeline to Energean’s 8 billion cubic meter-per-year FPSO unit where the main Karish field is being developed and is expected to start production by year-end.
The first well at Karish North is expected to produce up to 300 million standard cubic feet per day.
Recommended Reading
US Oil Rig Count Falls by Most Since September 2021: Baker Hughes
2023-06-02 - The oil and gas rig count fell, for the fifth week in a row, to 696.
Petrobras Brings Búzios 5 FPSO Onstream
2023-06-01 - Fifth FPSO receives production at world’s largest deepwater field, with at least six more FPSOs planned.
Family Behind Stronghold Energy Raises $500MM for Permian Deals
2023-05-31 - After selling Stronghold Energy II to Ring Energy for $465 million last year, Steve and Caleb Weatherl aim to develop another Permian position with their new E&P, Garrison Energy.
Baytex Brings Production Back Online Following Wildfires
2023-05-30 - Baytex Energy estimated that approximately 12,500 boe/d was curtailed for the month of May.
Rig Providers Focus on Advancements to Keep Up with E&P’s Needs
2023-03-27 - With the offshore drilling market on a positive upswing, rig companies are trying to meet demand while adding the latest bells and whistles to their fleets.