Israeli has begun its first-ever crude oil exports, with the loading of a cargo of oil from the mainly gas producing Karish field, the operator, London-listed Energean, said.
The shipment, with trading company Vitol as offloader, is another symbol of Israel’s progress to greater energy independence based on offshore resources in the Mediterranean.
Israeli refineries rely on imports from locations such as Russia, Azerbaijan, and Iraq, and the country is sure to continue sourcing crude overseas, particularly to meet requirements for heavier oil, while exporting some lighter liquids associated with the country’s gas production. The country has consumed around 210,000 b/d of oil in recent years, according to BP data.
Announcing Israel’s entry to the “exporters’ club,” Energean suggested the cargo was headed for a European destination.
The Energean Power Floating Production Storage and Offloading vessel can store up to 800,000 barrels of oil, according to the company’s website.,.