Energean, DEPA Pact for EastMed Pipeline
UK-based international oil and gas exploration and production company Energean Oil & Gas and the Public Gas Corporation of Greece (DEPA) have agreed to cooperate to further support the EastMed Pipeline Project.The have signed a Letter of Intent (LoI) for the potential sale and purchase of 2 BCM natural gas per annum from Energean’s gas fields offshore Israel, where Energean is investing $1.7 billion for the development of the Karish & Tanin fields through the FPSO “Energean Power”.DEPA…
Energean Targets Net Zero Carbon Output by 2050
Mediterranean-focused oil and gas producer Energean has joined a U.N.-backed initiative and committed to reducing its net carbon emissions to zero by 2050, its chief executive said on Monday.Oil and gas producers have come under heavy pressure in recent years to tackle greenhouse gas emissions as the world battles climate change.Energean's pledge came as the 25th annual United Nations Climate Change Conference — also known as COP 25 — begins in Madrid.The company said in a statement it was the first London-listed oil and gas exploration and production company to commit to the UN's efforts to limit globa
Energean Seeks to Pipe Karish Gas to Cyprus
Energean Oil & Gas said on Tuesday its Energean International unit submitted an application to import and supply natural gas to Cyprus starting in 2021.In its application to Cypriot authorities, it said it sought to supply gas through a pipeline from the Karish block offshore Israel to Vassiliko, Cyprus.The pipeline would be 215 kilometers long and transport natural gas from the Karish North field, which contains 25 billion cubic meters of discovered recoverable resources.Total investment, Energean said, will be about $350 million and will be funded by Energean.
Energean Signs New Gas Sales Deal for Karish and Tanin FPSO
UK-based oil and gas exploration and production company Energean Oil & Gas has signed a Gas Sales and Purchase Agreement (GSPA) with I.P.M. Beer Tuvia Ltd. (IPM) to supply an estimated 5.5 BCM of gas from its Karish and Tanin FPSO over a period of 19 years.According to a release, the contract is subject to necessary approvals and is contingent on results of the 2019 drilling programme, which includes the drilling of four wells in Israel and commences with the spud of Karish North in March 2019…
First Steel Cut for Karish and Tanin FPSO
Energean Oil and Gas announced that first steel was cut on the Karish and Tanin floating production storage and offloading (FPSO) vessel at the COSCO yard in Zhoushan, China, on Monday. The FPSO is scheduled to be delivered to the Karish field offshore Israel in late 2020, ahead of first production in the first quarter of 2021.The FPSO, which will be installed 90 kilometers offshore, will be the first FPSO to operate in the Eastern Mediterranean. It will have a gas treatment capacity of 800 MMscf/day (8 BCM/per annum) and liquids storage capacity of 800…
Energean asks Cyprus to Import Israeli Gas via New Pipeline
Energean is seeking approval from Cyprus for the Greek oil and gas firm to build a pipeline from its Israeli offshore gas fields and import 0.5 to 1 billion cubic metres of gas a year to the island, Energean's chief executive said on Thursday.Energean, which listed on London's main stock exchange this year, has committed $1.6 billion to the Karish and Tanin fields which have potential reserves of 2.4 trillion cubic feet of natural gas and 32.8 million barrels of light oil and condensate.It estimates the five blocs it owns around Karish and Tanin contain an additional 5 trillion cubic feet of gas.
Repsol Strikes Onshore Deal with Energean Oil
Spain's Repsol has entered a so-called farm-in agreement with Energean Oil & Gas for a 60 percent stake in two onshore blocks in western Greece, Energean Oil said on Friday. Under a farm-in agreement, an oil and gas company acquires an interest in a lease owned by another group. Repsol will become the operator of the Ioannina and Aitoloakarnania blocks and plans to acquire seismic surveys over the areas in the 2017-2019 period, Energean said. Energean, Greece's sole oil producer, holds an exploration licence in Ioannina and is expected to acquire one for the other block.
Energean to Spend $1.5 bln on Israeli Offshore Gas Deal
Greek company Energean Oil & Gas plans to build its own production system in the eastern Mediterranean at a cost of up to $1.5 billion to tap two Israeli offshore gas fields, the group's chief executive said on Wednesday. Greece's only oil producer is also looking to bring a financial partner into the project to develop the Tanin and Karish fields which are situated in deep waters around 100 kilometres (62 miles) off Israel's coast and have combined gas reserves estimated at 2.4 trillion cubic feet.
Greece's Sole Oil Producer Boosts Output
Greece's sole oil producer, Energean Oil & Gas, has stepped up daily production by about 30 percent since early January, it said on Wednesday, as the debt-ridden country seeks to tap into its limited oil reserves. Plunging crude prices have deterred spending on oil projects around the world but Greece is pushing ahead with investment in the industry in a bid to reduce dependence on oil imports and boost public finances. Many analysts are now growing more confident that a new-two-year rout in oil prices has ended.
Greece's Fledgling Oil Sector Steps Up Production
Greece's sole oil producer, Energean Oil & Gas, has increased daily production by 60 percent since last year, it said on Thursday, as the debt-laden country seeks to exploit its limited oil reserves to boost its public finances. While plunging crude prices have deterred spending globally on oil projects, Greece is forging ahead with investment in the industry. Energean, 45 percent owned by U.S. hedge fund Third Point , said it had increased production to 3,000 barrels per day from two oil fields off the northern Greek island of Thassos…
GMC Completes Buoyant Tower Basic Design
GMC LTD has completed the Basic Design of a self-installing Buoyant Tower for the Prinos Field Development for Energean Oil and Gas (Athens, Greece). The design brief was twofold to find a way to extend the life and utility of the existing Prinos infrastructure, and to find a cost effective and flexible solution for the green field expansion of the existing Prinos facility. The existing wellhead platforms (Prinos Alpha) was reanalyzed, and strengthened to accommodate drilling using the Energean newly acquired and commissioned Energean Force (formerly Glen Esk) tender assist drilling rig.
Greece Promises Tax Cut to Attract O&G Majors
Greece is planning to cut tax rates for oil and gas companies as it wants to attract them to help exploit its untapped offshore hydrocarbon resources, its energy minister said on Tuesday. Under the plan, oil and gas explorers will pay 25 percent tax, down from 40 percent currently, and 5 percent of the tax will go to local communities. "We have done this in order to incentivize our investors to invest in the future of Greece," Ioannis Maniatis, Greece's Energy Minister, said at a conference in London. He did not say when the new tax rates would come into effect.
