An exploration & production (E&P) company backed by Greek shipowner Efstathios Topouzoglou has exported Israel’s first ever crude oil shipment.
London-listed Energean, which is developing the Karish field in the Eastern Mediterranean, confirmed the shipment in a regulatory filing.
“For the first time in the history of Israeli oil and gas production, hydrocarbon liquids will be exported to global markets,” the company said.
The cargo has been sold as part of a multi cargo marketing agreement with Vitol; the first of a new source of East Mediterranean energy to reach Europe, it added.
The identity of the tanker that loaded the debut shipment was not disclosed, but the 115,126-dwt Seliger (built 2009) was said to have been in the vicinity of the FPSO at the time.
The Liberian-flagged tanker was said to have turned off its AIS tracking device during the loading in what was described as a “security measure”, The Financial Times reported quoting an unnamed source.
“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,” said Energean Group commercial director Nick Witney.
The Karish field utilises a newbuilding floating production, storage and offloading vessel that was delivered from Singapore’s Sembcorp Marine in 2022.
Prime Marine Energy, a subsidiary of Topouzoglou’s tanker arm Prime Marine, was the lead hull subcontractor for the FPSO’s construction in China.
In June 2022, the Energean Power FPSO arrived offshore Israel and began delivering the first gas from the Karish field in the third quarter.
Installed 90 km offshore, the floater was said to be the first FPSO ever to operate in the Eastern Mediterranean.
Output from the field, located close to the maritime border between Israel and Lebanon, became possible following a US-brokered deal reached in October between the two countries.
In July 2022, Israel reportedly shot down three drones believed to have been launched towards the FPSO by Lebanon’s Iran-backed Hizbollah group, prior to the project’s start-up.
Karish production is said to have further boosted Israel’s gas industry, which has been a game-changer for a nation once reliant on imports.
Israel is still largely reliant on imported crude for its 300,000 barrel per day (bpd) refining sector, with domestic demand of about 250,000 bpd.
It exports a small volume of refined oil products such as petrol and diesel, according to the US Energy Information Administration.
Topouzoglou is described as a founding partner of Energean, which was listed in London via an initial public offering in March 2018.
He is better known as chief executive of Greek tanker owner Prime which boasts a fleet of 44 modern product tankers, LPG and Ammonia carriers.
He also serves as chairman of the board of First Lease Ship Trust, a listed shipping trust on the Singapore Stock Exchange.