Commencement of natural gas production from Karis field in his sea Israel announced yesterday Energean. The initial capacity of the field, according to the company, is about 6.5 billion m2. per year, and commercial sales are expected to reach this level in about four to six weeks. When fully developed, the field will produce 8 billion m2. gas per year. According to the company in a press release for the London and Tel Aviv stock exchanges, natural gas is being produced from the Karish Mine-02 well, and its flow rate is steadily increasing. Preparations are underway for transporting natural gas through the pipeline, and sales to Energean customers in Israel are expected to begin in the next two days.

When fully developed, it will produce 8 billion m2. natural gas per year.

“We have completed a benchmark project that creates competition in the Israeli natural gas market, enhances energy supply security in the Eastern Mediterranean region, and provides affordable clean energy to replace coal in electricity generation, with a significant positive impact on the environment. We remain committed to achieving our medium-term goal of 200,000 boe/day of production and US$1.75 billion in annual earnings before interest, taxes, depreciation and amortization, and the completion of the Karis field is an important milestone on the road to achieving this goal. Now we are focused on increasing production and reaching full capacity of 8 billion m2. annually by expanding the Energean Power FPSO infrastructure,” said Energean Group CEO Matios Rigas.

Israel and Lebanon are expected to sign an agreement today to demarcate their maritime borders, the result of Washington-sponsored talks between the two countries that pave the way for the exploitation of natural gas fields in the Eastern Mediterranean. In the weeks before, the development of the Karis field, about 50 miles west of the Israeli city of Haifa, had sparked tensions between the two countries over threats of war from the Shiite Lebanese militant group Hezbollah. Israel on Tuesday (October 25) granted Energean a license to start production at the Karis offshore field.