Greek firm Energean this week contracted Sweden's Stena Drilling to spud three wells in Q1 2019 on its Karish field offshore Israel in a bid to raise reserves estimates from the current 1.8tcf.
Energean purchased Karish and neighboring Tanin in August 2016 from US firm Noble and Israeli firm Delek for $148mn (plus a share of any future production royalties) as part of a forced divestment (MEES, 2 February). In June last year the firm submitted a field development plan for Karish involving a 400mn cfd FPSO vessel moored 70km offshore. It estimates development costs at $1.3-1.5bn, although it has yet to take FID. (CONTINUED - 495 WORDS)