UK firm to spend 150 mln USD in developing natural gas field offshore Israel

2021-01-14 14:06:11 GMT2021-01-14 22:06:11(Beijing Time) Xinhua English

JERUSALEM, Jan. 14 (Xinhua) -- The Britain-based oil and gas producer Energean announced on Thursday that it will spend 150 million U.S. dollars in developing the Karish North Gas Field in the Mediterranean Sea offshore northern Israel.

Karish North, as part of the Karish field, is located in Israel's exclusive economic zone, about 90 km west of the shores of the northern city of Haifa, at a water depth of about 1,700 meters.

The gas produced from both Karish and the nearby Tanin reservoirs is intended to supply the rapidly growing domestic Israeli market.

Energean estimated that Karish North contains 32 billion cubic meters of gas and 34 million barrels of liquids.

Production from the first well at Karish North is expected to be up to 3 billion cubic meters per year, and first production is expected during the second half of 2023.

In August 2016, Energean acquired Karish and Tanin fields for 148 million dollars. Four months later, with the approval of the Israeli government, the British company transferred the two leases to Energean's Israeli subsidiary. Enditem