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Wednesday, February 15, 2023
Energean confirmed that the first-ever lifting of an Israeli crude oil cargo has taken place at the company’s Karish field in the eastern Mediterranean. 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 FPSO Energean Power, the liquids are offloaded in a controlled manner and sold into various global markets.
This creates a significantly differentiated income stream, fundamentally separate from 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 are 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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