Israel has shipped its first crude oil abroad, British-Greek hydrocarbon exploration and production company Energean announced on Tuesday.
“We are happy and proud that Energean has facilitated Israel joining the club of international oil exporters,” said Energean CEO Mathios Rigas.
The oil shipment is part of a multi-cargo marketing agreement with Vitol, a Swiss-based multinational energy and commodity trading company, “the first of a new source of East Med energy to reach Europe,” the company said.
Energean Group commercial director Nick Witney said, “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 began extracting hydrocarbons from the Karish gas field off the northern Israeli coast on Oct. 26, 2022, a day before Israeli and Lebanese leaders signed a United States-mediated maritime border agreement.
The company said at the time that the development was a significant milestone in promoting a vision of a competitive Israeli gas market and increasing the country’s energy security and independence.