Energean has hiked its estimate for plateau liquids output from the Karish and Karish North fields to 31,000 b/d from 2024, having previously hiked the figure from 10,000 b/d to 28,000 b/d last year (MEES, 27 November). This comes as the firm has awarded a second oil processing train which is slated for start-up alongside the Karish North field in 2H 2023.
Though liquids output from the Karish development will be far lower than the planned 700mn cfd plateau gas output on an ‘oil equivalent’ basis, this understates the importance of these liquids to Energean’s economic model in developing the fields. Energean appears to have been willing to sell gas on the domestic market at a cut-price $4-5/mn BTU in the expectation of a hefty profit margin from sales of condensate on the international market. (CONTINUED - 269 WORDS)
