Israel has officially become a crude oil exporter, the Energean energy firm has announced.
The first shipment of energy (gas and condensate) from the offshore Karish field was with Vito, the largest commodity trading company in the world. Vitol, which was founded in the Netherlands, is today based in Switzerland.
Energean has begun exporting hydrocarbon liquids from Karish, via Vitol. The liquids are being sold on various global markets, including Europe.
While Karish is first and foremost a natural gas field, “the associated oil production is crucial to the economics of the project, according to people familiar with the matter,” The Financial Times reported.
According to the report, the output from Karish (gas and condensate together) is equivalent to 41,000 barrels of oil per day – and will rise to 150,000 by the end of this calendar year.
By the end of 2024, the output from Karish will be equivalent to 200,000 barrels of oil per day, The Financial Times reported.
“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,” Energean Group commercial director Nick Witney said.
“We are happy and proud that Energean has facilitated Israel joining the club of international oil exporters,” Energean CEO Mathios Rigas added.
“This is another milestone for us, enhancing Energean’s growth as a significant player in the local and regional markets.”
