ENERGY: Greece’s Energean begins drilling campaign in Israel

Greece’s Energean Oil and Gas plc, a producer focused on the Mediterranean, has commenced its 2019 drilling programme in Israel, which will consist of three development wells and Karish North.

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Following this four-well campaign, Energean said it has a further six drilling options available in its contract with Stena Drilling Ltd.

Energean will batch drill the top-hole sections of the wells, which will allow significant operational efficiencies and cost savings.

The drilling campaign is being undertaken using the Stena DrillMAX drillship. The Stena DrillMAX is a sixth-generation drillship capable of drilling in water depths of up to 10,000 feet.

Energean is a London Premium Listed FTSE 250 and Tel Aviv Listed E&P company with operations offshore Israel, Greece and the Adriatic. Energean has 349 mmboe of 2P reserves and 48 mmboe of 2C resources across its portfolio.

The company has also offered to sell its Israeli gas to Cyprus via a pipeline, but Nicosia said the move was “unsolicited”.

In August 2017 the Company received Israeli Government approval for the FDP for its Karish-Tanin gas development project, where it intends to use an FPSO and produce first gas in 2021.

Energean has already signed contracts for 4.6 bcma of gas sales into the Israeli domestic market. Future gas sales agreements will focus on both the growing Israeli domestic market and key export markets in the region.

In Greece, the Company is pursuing an ongoing investment and development programme to increase production from its Prinos and Prinos North oil fields and to develop the Epsilon oil field in the Gulf of Kavala, Northern Greece.