Energean Oil & Gas has received class approval from DNV GL for the basic design of the newbuild Floating Production Storage and Offloading (FPSO) vessel that will be deployed at its Karish and Tanin development, offshore Israel.
“ This rapid obtainment of class approval reflects the maturity of the FPSO design at Final Investment Decision (FID) and keeps the development on track to cut first steel as planned before the end of 2018, ” Energean said.
Earlier this year Energean signed the contract with TechnipFMC for the construction of the FPSO for the project.
Energean made FID for the Karish and Tanin development project in March 2018, after having signed 12 gas sales and purchase agreements for 4,2 BCM in total annually and secured financing for the project.
Energean Israel owns 100 per cent of the Karish and Tanin fields, which combined have 2.7 TCF of natural gas and 41 million barrels of oil equivalent (mmboe) of light hydrocarbon liquids, totaling 531 mmboe of 2C resources.