Energean Halts Production at Karish Field Amid Regional Tensions

Energean has suspended production operations at its floating production storage and offloading (FPSO) vessel, Energean Power, in the Karish natural gas field off the coast of northern Israel, the company said.

The suspension follows directives from the Israeli Ministry of Energy and Infrastructure in response to heightened regional security concerns.

The Energean Power FPSO serves as the primary hub for gas extraction and processing at the Karish field and is considered critical to Israel's energy security. Located above the Karish field, the floating platform is used for production, storage, and offloading.

The facility is the first of its kind in the region to operate in deep water, reaching depths of up to 1,700 meters. It plays a vital role in processing natural gas and supplying local networks, making it a strategically sensitive asset during times of military tension.

In a formal statement, Energean said the cessation of activities was in response to an official decision received on February 28, amid growing security concerns in the region.

The company emphasized that the safety of its personnel is the top priority. Energean said it is in constant coordination with the Israeli Ministry of Energy and relevant authorities to ensure operations can safely resume as soon as conditions improve.

Energean stated that further updates regarding financial impacts would be provided as soon as they become available. The duration of the suspension and its commercial impact remain undetermined.

Regional energy clients and investors are closely monitoring developments, awaiting indications of when production might resume.