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Released July 24, 2024 | SUGAR LAND
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Written by Daniel Graeber for Industrial Info Resources (Sugar Land, Texas)--First gas from the Katlan field off the coast of Israel is expected during the first half of 2027, London-based explorer Energean said after making a final investment decision.
Energean said Tuesday that the Israeli Ministry of Energy and Infrastructure gave it a 30-year lease to work in the Katlan area, which includes an option for a 20-year extension. Discovered by Energean in 2022, the Katlan field is located some 50 miles off the coast of Israel and is situated just north of the Tamar complex in the Mediterranean Sea.
"By developing Katlan, we will unlock further value in the Israeli subsurface that will provide additional energy security and drive sustainable development, both in Israel and the broader region," said Mathios Rigas, the chief executive officer of Energean.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Production Project and Plant databases can learn more from a detailed project report on Katlan.
After making its final investment decision (FID), Energean said it now has $10 billion in capital expenditures planned for subsea infrastructure, an upgraded topside for a floating production storage and offloading vessel, and for drilling the first two production wells, Athena and Zeus.
Upstream services firm TechnipFMC (NYSE:FTI) (London, England) has the engineering, procurement, construction and installation contract for subsea infrastructure, which would include tiebacks to a larger pipeline for future operational phases.
The first phase of development calls for four production wells -- Athena, Zeus, Hera and Apollo-- which could yield as much as 229 million barrels of oil equivalent, including 35 billion cubic meters of natural gas. Those plans were approved by the Israeli government in December.
"This decision marks yet another positive milestone on Energean's growth journey," Rigas added. "The decision to move ahead with Katlan will not surprise anyone that knows our successful track record, given our commitment to the swift development and production of gas assets."
Energean made headlines of a different sort in June when a subsea survey revealed what could be the oldest shipwreck ever discovered in deep waters. Surveys revealed a 3,300-year-old ship some 50 miles offshore, too far to navigate by coastal markings.
"This dramatic find is the first proof of its kind attesting to the skill of ancient mariners -- they were able to traverse the sea without a line of sight to the coast," the company said.
Hundreds of intact amphorae -- a type of two-handled jug -- were discovered along with the wreck that had settled at a depth of a mile below the surface of the Mediterranean.
Elsewhere, offshore activity continues while Israel wages war against Hamas, a militant organization that controls Gaza in the Palestinian Territories. The conflict threatens to spill over the Israeli borders to Lebanon, while Israeli military forces trade strikes with the Iranian-backed Houthi rebel group in Yemen.
The conflict at times added a geopolitical risk premium to commodities such as crude oil and natural gas, but there have been few, if any, direct attacks on regional energy infrastructure. IIR has seen previous reports that the Port of Ashkelon and the Eilat Crude Oil and Refined Products Storage Terminal, owned by Eilat Ashkelon Pipeline Company (Ashkelon, Israel), were for a time forced to shut down due to the war.
Ashkelon, Eilat and Haifa are the main oil importing ports for Israel.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
Energean said Tuesday that the Israeli Ministry of Energy and Infrastructure gave it a 30-year lease to work in the Katlan area, which includes an option for a 20-year extension. Discovered by Energean in 2022, the Katlan field is located some 50 miles off the coast of Israel and is situated just north of the Tamar complex in the Mediterranean Sea.
"By developing Katlan, we will unlock further value in the Israeli subsurface that will provide additional energy security and drive sustainable development, both in Israel and the broader region," said Mathios Rigas, the chief executive officer of Energean.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Production Project and Plant databases can learn more from a detailed project report on Katlan.
After making its final investment decision (FID), Energean said it now has $10 billion in capital expenditures planned for subsea infrastructure, an upgraded topside for a floating production storage and offloading vessel, and for drilling the first two production wells, Athena and Zeus.
Upstream services firm TechnipFMC (NYSE:FTI) (London, England) has the engineering, procurement, construction and installation contract for subsea infrastructure, which would include tiebacks to a larger pipeline for future operational phases.
The first phase of development calls for four production wells -- Athena, Zeus, Hera and Apollo-- which could yield as much as 229 million barrels of oil equivalent, including 35 billion cubic meters of natural gas. Those plans were approved by the Israeli government in December.
"This decision marks yet another positive milestone on Energean's growth journey," Rigas added. "The decision to move ahead with Katlan will not surprise anyone that knows our successful track record, given our commitment to the swift development and production of gas assets."
Energean made headlines of a different sort in June when a subsea survey revealed what could be the oldest shipwreck ever discovered in deep waters. Surveys revealed a 3,300-year-old ship some 50 miles offshore, too far to navigate by coastal markings.
"This dramatic find is the first proof of its kind attesting to the skill of ancient mariners -- they were able to traverse the sea without a line of sight to the coast," the company said.
Hundreds of intact amphorae -- a type of two-handled jug -- were discovered along with the wreck that had settled at a depth of a mile below the surface of the Mediterranean.
Elsewhere, offshore activity continues while Israel wages war against Hamas, a militant organization that controls Gaza in the Palestinian Territories. The conflict threatens to spill over the Israeli borders to Lebanon, while Israeli military forces trade strikes with the Iranian-backed Houthi rebel group in Yemen.
The conflict at times added a geopolitical risk premium to commodities such as crude oil and natural gas, but there have been few, if any, direct attacks on regional energy infrastructure. IIR has seen previous reports that the Port of Ashkelon and the Eilat Crude Oil and Refined Products Storage Terminal, owned by Eilat Ashkelon Pipeline Company (Ashkelon, Israel), were for a time forced to shut down due to the war.
Ashkelon, Eilat and Haifa are the main oil importing ports for Israel.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
