Karish North

Karish North Gas and Condensate Field Profile

Location and Geology

The Karish North gas and condensate field is located offshore Israel, specifically in Block I/17 of the Eastern Mediterranean Sea. The field's reservoir is part of the Tamar sandstone formation of Early Miocene age, with a true stratigraphic thickness exceeding 300 meters.

Discovery and Development

• The Karish North field was discovered by Energean in April 2019, with the discovery well spudded on March 15, 2019. The well reached an intermediate total depth of 4,880 meters approximately 7 days ahead of schedule.
• An appraisal well was drilled in October 2019, confirming best estimate recoverable resources of 0.9 trillion cubic feet (Tcf) of gas plus 34 million barrels of light hydrocarbons.
• The field development plan (FDP) was approved by Israeli authorities in August 2020, and the Final Investment Decision (FID) was made in January 2021.

Reserves and Resources

• The Karish North field contains gross 2P reserves of 1.137 Tcf of gas and 34.1 million barrels of liquids. This translates to a total of 240.7 million barrels of oil equivalent (mboe), with gas accounting for more than 84% of the reserves.

Field Development Plan

• The initial field development involves a tie-back to the Energean Power floating production, storage, and offloading (FPSO) unit, which is located approximately 5.4 kilometers from the Karish North well.
• The Energean Power FPSO is designed to handle well streams from the Karish, Tanin, and Karish North fields. It has a total gas production capacity of approximately 8 billion cubic meters (bcm) per year and a liquids production capacity of about 40,000 barrels per day (bpd). The FPSO also has a liquids storage capacity of 800,000 barrels.
• A new 90-kilometer-long pipeline transports dry gas from the FPSO to Dor, Israel, while shuttle tankers are used for the transportation of liquids.

Production

• First gas production from the Karish North field began on February 22, 2024. The production well is tied back to the Energean Power FPSO using the second gas export riser, which was installed in December 2023.
• The addition of Karish North allows Energean to produce to the full 8 billion cubic meters per year capacity of its FPSO and sales gas pipeline infrastructure.

Contractors and Services

• TechnipFMC received a contract for the fully integrated engineering, procurement, construction, and installation (iEPCI™) works for the Karish North development. This includes the design, manufacturing, supply, and installation of the gas export riser and other subsea equipment.
• Stena Drilling was awarded the drilling contract for the Karish and Karish North fields, using the Stena DrillMAX drillship. Halliburton provided drilling services, and Lloyds Register was responsible for well engineering services.

Future Plans

• An expansion project, Karish North Phase 2, is currently in the feasibility stage.
• Peak production from the Karish North field is expected in 2028, with production anticipated to continue until the field reaches its economic limit in 2047.

Ownership

• The Karish North field is owned and operated by Energean Israel (EISL), a wholly-owned subsidiary of Energean PLC. In February 2021, Energean acquired a 30% stake from Kerogen Capital to become the 100% owner of EISL.

Infrastructure and Technology

• The Karish North development utilizes advanced integrated solutions, including the iEPCI™ approach by TechnipFMC, which streamlines project delivery, reduces costs, and mitigates risks.
• The Energean Power FPSO is a key component, enabling the efficient production and processing of hydrocarbons from the Karish North field.