Filenews 27 October 2022
The production of the first quantities of natural gas of EEZ of Israel from the Karish field of the Greek Energean plc is from the morning of Wednesday, October 26 occurring. In particular - and according to the announcement of Energean plc to the London and Tel Aviv stock exchanges:
- The production of the first quantities of natural gas from the Karish deposit development project in the Israeli Sea has begun safely.
- Natural gas is produced by the Karish Main-02 drilling and its flow is steadily enhanced.
- Preparation for the transportation of natural gas through the gas sales pipeline is underway and sales to Energean's customers in Israel are expected to begin within the next two days.
- Production from the Karish Main-01 and Karish Main-03 boreholes is expected to start in about two and four weeks respectively.
The company is in discussions with the Government of Cyprus, in order to transport natural gas from its deposits in Israel to Cyprus, either for use in electricity generation, or for gasification in a floating plant, and transport them by ship to other markets.
Mathios Rigas, CEO of Energean Group, stated: I am very pleased to confirm that Energean has started producing natural gas from the Karish field in the Israeli Sea. We have completed a benchmark project that brings competition to the Israeli gas market, enhances the security of energy supply in the Eastern Mediterranean region and ensures at affordable prices clean energy that will replace coal in electricity production, resulting in a significant positive impact on the environment. We remain committed to achieving our medium-term target of 200 thousand barrels of oil equivalent per day production and 1.75 billion barrels of oil equivalent. dollars of annual earnings before interest, tax, depreciation and amortization and the completion of the development of the Karish deposit is a milestone towards achieving this goal."
