Energean takes a new approach at Karish

Subscription benefits

The East Mediterranean producer goes for a novel and nimble concept at Karish

You have 1 free article remaining

Subscribe now for unlimited access or become a Bronze Member for free For queries see our FAQ or contact us

SubscribeBronze Sign-upMember Login

London and Tel-Aviv-listed independent Energean took FID at its Karish-Tanin field offshore Israel in March, less than 20 months after project acquisition. It credits an innovative procurement process for the shortened timeframe.

Energean dispensed with concept selection and pre-feasibility studies. Instead it selected a floating production, storage and offloading (FPSO) solution, both for maximising recovery by reducing pressure on the wells through proximate infrastructure and in siting most of the technology 100km away from Israel's infrastructure-averse shore dwellers.

Based on Energean's size at that time, it wanted a strong technical partner but, rather than a lengthy tendering process, it identified the best fit in the market, and proposed working together with global engineering services firm TechnipFMC on an "open book" basis. "We wanted to work as partners, not each trying to take advantage of the other," says Energean CEO Mathios Rigas.

The firms inked a $1.3bn engineering, procurement, construction, installation and commissioning (EPCIC) contract covering FPSO, sub-sea gathering, pipeline to shore and onshore facilities. And, in another innovative move, Energean offered TechnipFMC no detailed specifications beyond proje....

read more from petroleum-economist.com