Energean & Vitol Eye Israel-Cyprus FLNG Tie-Up

6 May 2022 Issue: 65 / 18 By: Peter Stevenson

Energean has teamed up with trading giant Vitol to table plans for FLNG liquefaction at the Cypriot port of Vasilikos. Energean has touted its modest Israel reserves as providing gas, but larger anchor volumes would be needed – perhaps providing a path to commercialization for one or more of Cyprus’ three gas discoveries.

During last month’s tripartite meeting of energy ministers from Cyprus, Israel and Greece, Energean CEO Mathios Rigas proposed the potential mooring of an FLNG at Vasilikos on the southern coast of Cyprus. This would, according to the Greek firm’s plans, be linked by a 24”, 4bcm/y, 200km subsea pipeline from Energean’s fields offshore Israel for potential start-up in 2026.

Energean currently has 3.5tcf of proved and probable Israeli reserves, mainly from the Karish and Karish North fields, with first gas from the former slated for Q3 this year, but is hoping to bolster this with an ongoing drilling campaign, with results of the first well, Athena-1 on Block 12, expected soon (MEES, 18 March). (CONTINUED - 950 WORDS)