Energean reports first oil exports from Israel

Energean reports first oil exports from Israel

Energean on Tuesday announced the first ever exports of crude oil in the history of Israel from its Karish field.

In an announcement, Energean Plc confirmed the first ever lifting of an Israeli crude oil cargo had taken place at the company’s Karish field.

For the first time in the history of Israeli oil and gas production, hydrocarbon liquids will be exported to global markets.

Utilizing the regionally unique liquids storage and offloading capability of the Energean Power floating production storage and offloading facilities, the liquids are offloaded in a controlled manner and sold to various global markets.

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.

Nick Witney, Energean Group commercial director, 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.”

Mathios Rigas, Energean CEO, said: “We are happy and proud that Energean has facilitated Israel joining the club of international oil exporters. This is another milestone for us, enhancing Energean’s growth as a significant player in the local and regional markets.”

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