Energean inks $2-billion gas deal in Israel

Israel

TEL AVIV, February 29, 2024 – Energean has achieved first gas at its Karish North play in Israel while securing an offtake deal worth USD 2 billion, the UK-listed company said on Thursday.

Production from the field takes place via the Energean Power FPSO, which is now producing from four wells, the company said.

The installation of the second gas export riser at the Karish North production well was completed in December 2023, and it is now in use.

The Karish project was brought on line in 2022.

The 15-year GSPA, for 600 mcm (21.2 bcf) per year, was signed with Israel’s Eshkol Energies Generation. Under the deal, volumes will rise to 1 bcm (35.3 bcf) per year starting in 2032.