Gulf of Kavala

Energean CEO meets with Israeli president on local role

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Energean Group CEO Mathios Rigas and the company’s Country Manager in Israel, Shaul Zemach, have held a crucial meeting with the Israeli President Isaac Herzog, for talks focused on the importance of natural gas production for Israel and the energy market of the wider eastern Mediterranean region, according to posts by Energean on its social media accounts.

Mr. Rigas stressed the importance of domestic production for both the Israeli economy and consumers, confirming that he and Energean remain fully committed to Israel’s secure energy supply.

“Strengthening gas exploration, development and production in the Mediterranean will be crucial for a just and secure energy transition in the region. We are proud to be a catalyst for regional energy development as the leading independent exploration and production company focused on natural gas, the environment, society and corporate governance,” the Energean CEO declared during the meeting.

The company, listed on the London and Israeli stock exchanges, which started from Prinos in Kavala, northern Greece, has been producing natural gas in Israel from the Karish field since 2022 with its “Energean Power” unit, the only FPSO (Floating, Production, Storage, Offloading) facility operating in the eastern Mediterranean. It covers about 50 percent of Israel’s domestic gas needs, producing at a rate of about 6 billion cubic meters per year.

Energean also expects to begin producing, in the the first quarter of this year, from the Karish North field, which the company discovered in 2019.

The Israeli government recently approved Phase 1 of the Development Plan for the Katlan gas field. Katlan, also known as the Olympus Area, was discovered in 2022 by Energean and can be used for export if Israel grants the necessary permits.

Israel’s interest in Energean’s production is obviously very high, as highlighted by the Israeli Minister of Energy and Infrastructure Eli Cohen’s recent visit to the “Energean Power” facility.

Energean upbeat on support prospects for Prinos, 4-year extension granted

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Upstream company Energean has received promising feedback from the finance and energy ministries in its effort to secure an EU support package to protect the sustainability of its offshore Prinos field, the country’s only producing unit, in the North Aegean.

The government has relayed that it is cautiously optimistic of a favorable outcome in its support-package application submitted to the European Commission.

Brussels appears to be concluding its exchange with Greek government officials handling the issue and could soon offer its approval, sources informed.

The effort has lasted nearly nine months from the time Greek government officials submitted a support request accompanied by Energean’s Prinos business plan, worth nearly 75 million euros.

The time taken in Brussels has been attributed to this essentially being the EU’s sole case concerning a support request in the hydrocarbon exploration sector.

Meanwhile, EDEY, the Greek Hydrocarbon Management Company, has granted Energean Oil & Gas, a member of the Energean Group, a four-year extension, until March 19, 2025, for exploration activities aiming to identify new fields in the Prinos and South Kavala areas, following a request submitted by the company.

Gov’t committed to Prinos oil field sustainability, deputy tells

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The government is committed to supporting the sustainability of the offshore Prinos oil field in the country’s north, Greece’s only producing unit, heavily impacted by the coronavirus pandemic’s effects on the global economy, including record-low oil prices, deputy energy minister Gerasimos Thomas pledged last night in response to questions raised by MPs of the leftist Syriza party and KKE, the Greek Communist Party.

“We are committed to the oil field’s uninterrupted production, an effort through which jobs will be protected,” Thomas stated.

The government is currently negotiating with Energean Oil & Gas, license holder and operator of the offshore field, south of Kavala, for a solid solution, the deputy minister also informed.

A detailed announcement will be made once these talks have been completed and the government has shaped its proposals, the deputy minister told parliament after Syriza MP Soultana Eleftheriadou criticized him for being too vague with his remarks.

Thomas made note of the European Commission’s new framework for state aid as one of the solutions being worked on by the government. This framework provides flexibility, he pointed out.

The deputy minister also made reference to a government support plan for the Kavala region that includes the development of an underground gas storage facility at a virtually depleted offshore gas field south of Kavala, and an upgrade of the city’s port.

Energean commences its drilling campaign in Israel

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Energean Oil and Gas, the oil and gas producer focused on the Mediterranean, has commenced its 2019 drilling program in Israel, consisting of three development wells and Karish North, the company has announced.

As a result of this four-well campaign, Energean has a further six drilling options available in its contract with Stena Drilling Ltd.

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

The drilling campaign is being undertaken using the Stena DrillMAX drillship, 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.

In August, 2017, the company received Israeli Governmental 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, the company noted.

In Greece, Energean is pursuing an ongoing investment and development program 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.

Energean possesses five exploration licences offshore Israel, a 25-year exploitation licence for the Katakolo offshore block in western Greece, as well as additional exploration potential in its other licences in western Greece and Montenegro.