ATHENS, Greece – Energean has issued updates on its E&P programs in the eastern Mediterranean Sea.
Offshore Israel, all three wells drilled for the Karish Main development delivered good-quality liquids with samples measuring 48° API. Analysis following clean-up operations suggests a higher liquids content than had previously been anticipated.
Following delays caused by COVID-19, topsides integration and pre-commissioning at the Sembcorp Marine Admiralty Yard in Singapore should last around 10-11 months, after which the FPSO is expected to sail to Israel.
However, Energean is working with its contractors to reduce this timeframe, potentially via shift optimization/productivity improvement measures. First gas is now likely in the second half of 2021.
Off western Greece, the company has restricted investments of late in its Prinos area fields. However, the company is in discussions with Greece’s government on a possible capital injection involving a combined debt and equity package: any equity would relate solely to the subsidiary in which the Prinos assets are held.
If an agreement can be reached, work could re-start on the offshore Epsilon development, adding around 2,000 b/d of production from three vertical wells that have been pre-drilled.
These and other wells could lead to commercialization of 44 MMboe of resources across the field.
As for Energean’s takeover of Edison E&P, that transaction is expected to close during 4Q, pending government approvals for the revised terms and completion of the proposed carve-outs of Edison’s Algerian and Norwegian interests.
Edison’s offshore work program includes the probable spud during the fall of the Irena-2 appraisal well offshore Croatia, targeting the same gas-bearing horizon proven in Irena-1. If successful, the well will be suspended for future production.
In June, Edison applied to enter the second exploration period in Egypt’s North East Hap'y Offshore block (Edison 30%). Although a well during the first exploration phase did not find commercial hydrocarbons, the company and partner Eni are considering drilling a large, Zohr-like structure during the second phase.
In the UK central North Sea, Edison is a partner in the Glengorm gas/condensate discovery: the appraisal campaign is set to resume later this year.
In the southern UK sector, Perenco has shut in the Trent field pending a recovery of UK gas prices. As Trent hosts production from the Tors fields, these too are presently offline.