The contract calls for planning and development for the floating production, storage and offloading (FPSO) vessel and a subsea pipeline required to bring the gas produced from the Energean’s recently acquired fields to Israel.
Located offshore Israel, Tanin and Karish Fields were discovered in 2011 and 2013 respectively. The two fields are estimated to hold 2C gas resources of 2.4TCF.
Energean Oil & Gas chairman and CEO Mathios Rigas said: “It is a project that will open up the Israeli oil and gas market and both parties intend to play an important part in facilitating a more competitive energy supply for the benefit of Israeli domestic consumers and the economy.”
Energean is planning to invest approximately $1.3bn-1.5bn for the development of the two offshore oil and gas fields over the next few years. Final development plan is planned to be submitted to the Israeli authorities in mid-2017.
Rigas added: “TechnipFMC, even more so after its recent merger, is a global leader in oil and gas engineering design and contracting.
“Their know-how, expertise and quality standards in deep water and FPSO projects will all assist in delivering the most efficient and environmentally sensitive development of these projects.”
The plan initially involves development of the Karish field to support the Israel’s efforts to bring cheaper gas to the market by the end of the decade, followed by the Tanin field development thereafter.
Image: Officials from Energean. Photo: courtesy of Energean Oil & Gas.
