Israel Exports Oil for the First Time: Energean Plc Begins Shipping from Karish Offshore Field
By Israel exported oil for the first time, sending a shipment to Europe from Energean Plc's offshore Karish field, trend reports citing al arabiya.[0] This company, listed on both the London and Tel Aviv exchanges, is responsible for the manufacturing operations at the Karish and Tanin natural gas fields in the economic waters of the Mediterranean Sea off of Israel.[1]
Today, Energean plc (LSE: ENOG; TASE: ENOG) revealed that Israel has become a member of the crude oil exporters' collective, having started to export hydrocarbon liquids from the Karish offshore field. Utilizing the regionally unique liquids storage and offloading capability of the floating, production, storage and offloading (FPSO) Energean Power, the liquids are offloaded in a controlled manner and sold into various global markets.[2]
On Tuesday, 14 February 2023, Energean announced that the removal of crude oil from the Karish field would be the inaugural instance of Israeli oil and gas production being exported to international markets. “For the first time in the history of Israeli oil and gas production, hydrocarbon liquids will be exported to global markets,” Energean said.
Mathios Rigas, CEO of Energean, expressed his excitement and pride that his company has enabled Israel to become part of the international oil exporting community. He stated that this accomplishment is another step forward for Energean, reinforcing its position as a major player in the local and regional markets. “According to Nick Witney, Commercial Director for the Energean Group, they remain a company focused on gas, with their Israeli gas production playing a key role in the energy transition. However, there is also a global demand for light, sweet crude oil produced from modern, low-carbon intensity facilities.”[3]
Energean initiated operations at Karish in the latter part of 2019, primarily focusing on the production of natural gas.[4] In October of last year, a surprising agreement was made between Israel and Lebanon, two nations who are technically in a state of war, to exploit the gas and oil reserves located in the Mediterranean Sea off their coasts.[4] Vitol, a commodities giant, purchased Israel's oil export through a multi-cargo agreement.[4] It is anticipated that the Karish Blend will be priced near the world's average for crude oil.[4]
0. “Israel exports oil for first time with cargo heading to Europe” Trend News Agency, 14 Feb. 2023, https://en.trend.az/world/israel/3710450.html
1. “Israel exports crude oil for first time, with shipment heading for Europe” The Times of Israel, 16 Feb. 2023, https://www.timesofisrael.com/israel-exports-crude-oil-for-first-time-with-shipment-heading-for-europe
2. “History Made: Energean Announces First Ever Israeli Crude Oil Export” Offshore Engineer, 14 Feb. 2023, https://www.oedigital.com/news/502871-history-made-energean-announces-first-ever-israeli-crude-oil-export
3. “Energean exports first hydrocarbon liquids from Israeli gas fields” The Jerusalem Post, 14 Feb. 2023, https://www.jpost.com/business-and-innovation/energy-and-infrastructure/article-731553
4. “Israel exports oil for the first time ever after diplomatic breakthrough with Lebanon” Business Insider India, 14 Feb. 2023, https://www.businessinsider.in/stock-market/news/israel-exports-oil-for-the-first-time-ever-after-diplomatic-breakthrough-with-lebanon/articleshow/97929388.cms
