Energean’s new investment in the Karish field, with the installation of new equipment that allows for a significant increase in oil production, is expected to generate a profit of 1.5 million dollars per day.
In particular, the investment includes the installation of the M10 equipment (2nd oil train module) on the FPSO Energean Power, which was transported from the port of Limassol to Cyprus by a special vessel.
M10 is expected to be operational in about 6 months, with the prospect of increasing daily production to 20-25 thousand barrels of oil from this field, compared to 10-12 thousand barrels today. Energean disposes the entire quantity produced from the field to the company Vitol, with which it has signed an agreement. FPSO has a storage capacity of 800,000 barrels of oil, which makes it easier to unload ships, without requiring additional infrastructure.
In the first half of the year, the average daily production from the Karish and Karish North fields amounted to 104 thousand barrels of oil equivalent, reaching a high of 137 thousand in June.
“Green light”
Meanwhile, the European Commission gave the “green light” for the reinforcement of the carbon dioxide capture and storage (CCS) project under development at the natural gas field in Prinos with 150 million euros. The funding decision was made based on EU rules for state aid, with funds from the Recovery and Resilience Facility (RRF).
The aid will partly finance the construction costs of the onshore and offshore infrastructure to set up the carbon storage facility. The facility is expected to start the development phase in 2027 and to be fully operational in 2030. As for the next immediate steps, according to the company sources, they concern the issuance of the storage permit, the announcement of the public consultation on the Environmental Impact Study and the implementation of the binding market test in order to pave the way for the final investment decisions to be made in the first months of 2025.
In more detail, the “storage permit” is under evaluation, with estimates indicating that it will be finalized before the end of the year.
