Energean PLC on Monday said it has signed a rig contract with Stena Drilling Ltd for its five-well offshore drilling programme in Israel.
The London-based hydrocarbon exploration and production company said the project offers potential unrisked recoverable resources of over 1 billion barrels of oil equivalent.
The contracts, signed by wholly owned subsidiary Energean Israel Ltd, includes three firm wells – Karish North, Karish Main-04 and Athena – located in the firm’s wholly owned lease areas, plus two optional wells.
Drilling of the first well is expected in the first quarter of 2022, with all three wells due to begin in 2022. Previously, Energean had planned to begin production in late 2021; however pandemic restrictions and difficulty in mobilising labour in Singapore, from which a floating production storage and offloading unit needed to set sail, led to delays.
Gas production is now expected in the second half of 2023 at the first well, Karish North, which builds on a pre-existing well development in the Karish lease area. Energean said Kadish North will commercialise 33 billion cubic metres of gas, plus proven reserves of 31 million barrels of liquids.
Meanwhile, the second well, Karish Main-04, will target total unrisked recoverable volumes of 166 million barrels of oil equivalent in the Karish lease area.
Finally, the company said that the Athena exploration well, which is located in Block 12 between the Tanin and Karish leases, may hold unrisked recoverable prospective resources of 20 billion cubic metres of gas and 4 billion barrels of liquids.
The wells will be drilled by Stena Drilling’s harsh environment dual-activity Icemax drillship, which can drill in water to depths of up to 10,000 feet.
Chief Executive Mathios Rigas said: “Our five-well growth programme offshore Israel…has the potential to double [Energean]’s reserve base with resource volumes that can be quickly, economically and safely monetised. Combined with first gas from our flagship Karish gas development project in mid-2022, the next 12-months are set to be truly transformational for Energean.”
Latest News
Vardis Vardinogiannis: ‘On a Ship’s Bridge You Always Look Forward’
Ten milestones in the half century since the creation of Motor Oil Group, as described by Vardis Vardinogiannis, who passed away on Tuesday at the age of 91
DBRS Says Greek Banks ‘Shielded’ from ECB Rate Cuts
The agency explains that fund disbursements through the banking sector will help offset pressures anticipated on interest margins beginning in 2025, due to expected rate cuts by the European Central Bank (ECB).
Meta Cuts Facebook and Instagram Subscription Fees by 40%
The social media giant also revealed that it will continue to offer free access to Facebook and Instagram for EU users, provided they agree to see ads based on a limited set of user data.
Skyrocketing Use of Debit, Credit Cards
The total value of the transactions conducted with debit and credit cards in the country in the first half of 2024 rose 2% on the corresponding period of 2023
JP Morgan Revised Greece Outlook to ‘Overweight’
The investment bank notes that Greece is showing the strongest GDP growth in the Eurozone. Additionally, efforts to clear up bank balance sheets are anticipated to yield increased capital returns.
Vardis I. Vardinogiannis, Greek Tycoon and Shipping Magnate, Dies at 91
In 1990, Vardinogiannis was targeted in an attack which involved three rockets fired at his vehicle by the terrorist organization 17 November.
Kudos for Greek Sheep’s Milk Cheeses
Graviera is the Greek version of the Swiss gruyère, and is generally considered the second most popular cheese made in the country after feta
EIB Survey: Greeks Rank Climate Change as Top Concern After Cost of Living
Specifically, 98% of the Greeks surveyed stated that the country must to adapt to climate change, with 60% saying that priority should be given to these adjustment measures
Trump Tells Putin not to Escalate Ukraine War during Phone Convo
Meanwhile, President Joe Biden, is preparing to lobby Trump against abandoning U.S. support for Kyiv
Former Thessaloniki Mayor Yiannis Boutaris Dies at 82
Boutaris entered politics in 2010, serving as the 60th mayor of Thessaloniki for two consecutive terms until 2019, becoming a transformative figure with his progressive policies.