Energean Oil & Gas has announced that it has appointed TechnipFMC as the Concept and Front End Engineering Design (FEED) contractor for Israel’s Karish and Tanin gas fields development program, World Oil reported.
This follows Energean’s recent decision to develop the fields using a floating production, storage and offloading (FPSO) unit to facilitate the quickest route to market, in line with the Government of Israel’s gas strategy.
Energean is intending to fast-track the development of the Karish field to support the Israeli Government in bringing cheaper gas to the market by 2020. The development of the Tanin Field will follow thereafter. The development program is expected to involve an investment of around $1.3-1.5b over the next few years, Offshore Engineer informed.
Karish and Tanin were discovered in 2013 and 2011, respectively, and contain 2.4tcf gas resources. Energean has acquired 100% in both fields recently.
Energean Oil & Gas’ Chairman and CEO, Mathios Rigas, said: “[The development of the Karish and Tanin fields] 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.”