Eastern Mediterranean-focused gas group Energean said on April 9 a report showed its Karish North Field contained about a third more gas and oil than it had previously thought.

The Karish North Field, according to an expert report typically used in the industry, contains 2C resources of 34 billion cubic meters (Bcm) of gas and 39 million barrels (MMbbl) of oil.

This lifts Energean’s gross resources at its Israeli offshore fields, for which it has secured offtake agreements, to 99 Bcm of gas and 82 million barrels of oil, which equates to 698 million barrel of oil equivalent.

Energean has commissioned an 8 Bcm per year FPSO vessel, which sailed from its initial construction yard in China this month. It has already secured contracts for around 5.6 Bcm a year.

“Energean continues to actively market additional gas volumes to secure additional long-term cash flows that are largely insulated from global commodity price fluctuations,” the group said.

Offshore