Project Profile

Value: US$1.3-1.5 billion (Karish) & US$301 million for Tanin
Location: Alon C license, approximately 20 miles northeast of the Tamar field, Israel
Reserves: 2.7 tcf of natural gas and 41 mmboe
Water Depth: 5,700 feet
Start-up year: 2020

Noble Energy, Inc. made a natural gas discovery at the Karish prospect offshore Israel. The discovery well was drilled to a total depth of 15,783 feet and encountered 184 feet of net natural gas pay in high-quality lower Miocene sands. The Karish well, located in the Alon C license approximately 20 miles northeast of the Tamar field, is in 5,700 feet of water.
Discovered gross resources, combined with the de-risked resources in an adjacent fault block on the license, are estimated to range between 1.6 and 2.0 trillion cubic feet (Tcf) with a gross mean of 1.8 Tcf.
The Karish discovery is the fifth discovered field with an estimated gross mean resource size over 1 Tcf. It is also the seventh consecutive field discovery for Noble Energy and its partners in the Levant Basin.
The Ensco 5006 rig drilled the Karish well and will relocate to Cyprus where it is scheduled to spud an appraisal well at the Cyprus A discovery next month. Noble Energy is the operator of the Alon C license with a 47.06 percent interest. Co-owners are Avner Oil and Delek Drilling each with a 26.47 percent interest.

Development:

An engineering feasibility study has been completed; development will be carried out through two phases with Karish coming on-stream first and gas delivery to begin during the first half of 2020.
The FPSO will process the gas and send it onshore through a pipeline that will land in northern Israel. Condensate and light oil will be offloaded at the FPSO.
Three wells are to be drilled and subsea infrastructure put in place. Energean estimates facilities capital expenditure at US$950 million and the cost of wells at US$255 million.
Phase one development is estimated to total US$1.163 billion and phase two for the Tanin field will cost a further US$301 million.

Operators:

Energean Oil & Gas: Operator with 100% interest


Contractors:

TechnipFMC: Hired for Concept and Front End Engineering Design (FEED) for the Karish and Tanin development.
- iEPCI™ (integrated Engineering, Procurement, Construction and Installation) contract (March, 2018)

Stena Drilling: Development drilling contract for the Stena Forth drillship. (January, 2018)


Sub-contractors:

Sembcorp Marine: EPC of hull and living quarters for a newbuild FPSO vessel