Athens-based, London-listed Energean last July announced it had agreed to purchase the E&P assets of Italian utility Edison, itself a subsidiary of France’s EdF (MEES, 5 July 2019). The deal is transformative for Energean: Edison’s output of 64,200 boe/d (c. 80% gas) for 2019 – from Egypt, Italy, Algeria, the North Sea and Croatia, is nineteen times Energean’s meagre 3,300 boe/d of Greece-only output (see chart).
Energean’s key asset is the 2.2tcf Karish and Tanin gas fields offshore Israel (MEES, 30 March 2018). Initial development of the Karish field is “72% complete” and “on track to deliver first gas in 1H 2021,” Energean says in a 29 January update, noting that it already has 5bcm/y (480mn cfd) of “firm” gas sales to Israeli end-users versus total 8bcm/y capacity. (CONTINUED - 1531 WORDS)