Production from the first Karish North well could reach 300 MMcf/d (around 3 bcm/yr), with start-up anticipated in 2H 2023.
Energean expects initial capex of around $150 million. With contributions from Karish North, the FPSO should be able to operate at its full 8 bcm/yr capacity.
The company has also secured a loan to fund installation of a second oil train and second riser on the FPSO, raising the liquids production capacity from 21,000 b/d to around 40,000 b/d, also allowing maximum gas production of 800 MMcf/d.
Both should become operational during 2022.
Energean also plans to drill up to five exploration and appraisal wells offshore Israel next year. The targets include appraisal of a potential oil rim identified as part of the Karish development drilling campaign, and exploration of further prospective gas and liquids volumes on the Karish lease.
On block 12, between the Karish and Tanin leases, the first well is set to target the 20-bcm Athena prospect: a discovery on the block would be prioritized for development.