The Karish energy field beneath the waves of the Mediterranean has produced its first cargo of Israeli crude, according to an announcement by the Energean oil and gas firm responsible for extracting the resource.
“For the first time in the history of Israeli oil and gas production, hydrocarbon liquids will be exported to global markets,” Energean said in a statement.
“Utilizing the regionally unique liquids storage and offloading capability of the FPSO “Energean Power”, the liquids are offloaded in a controlled manner and sold into various global markets.”
The Energean Power drilling platform is anchored in the eastern Mediterranean Sea some 80 kilometers (about 50 miles) west of Israel’s coast.
“This creates a significant, differentiated income stream, fundamentally separate to gas derived revenues. The cargo has been sold as part of a multi cargo marketing agreement with Vitol; the first of a new source of East Med energy to reach Europe,” Energean said.
“While we remain a gas focused company, with our Israeli gas production central to our role in enabling the energy transition, light, sweet crude oil responsibly produced from modern, low carbon intensity facilities is very much in demand globally,” said Nick Witney, Energean Group Commercial Director.
“We are happy and proud that Energean has facilitated Israel joining the club of international oil exporters,” added Energean CEO Mathios Rigas. “This is another milestone for us, enhancing Energean’s growth as a significant player in the local and regional markets.”