Energean
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At peak, annual production from the two fields offshore Italy is expected to reach 1.5 Bcm. -
The tieback to the Energean Power FPSO is expected to deliver first gas in the first half of 2027.
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Lebanon hopes to join the club of EastMed gas producers as TotalEnergies and its partners spud an appraisal well near Beirut’s maritime border with Israel where gas is already being produced.
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The 5-year contract with global ROV equipment and services provider ROVOP supports Energean’s field development within the wider Katlan area adjacent to Israel’s Karish gas field.
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Settlement of the maritime border between Israel and Lebanon will unlock new natural gas reserves in the Eastern Mediterranean.
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The new discovery is expected to de-risk 50 Bcm of resources in region off Israel.
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Work has resumed on Energan’s Singapore FPSO; subsea installation for the Karish project continues as planned.
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Neptune must pay Energean a break-up fee of $5 million for cancelling what was to be a $250 million deal.
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The deal is contingent on Energean Oil and Gas completing its acquisition of Edison E&P, announced in July.
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Upon completion, the FPSO will be the first permanently fiber rope-moored offshore facility in the Mediterranean, processing the reservoir fluids and export sales gas from the Karish and Tanin gas fields offshore Israel.
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