Join our crew and become one of the 107,105 members that receive our newsletter.

Israel Becomes Oil Exporter with First Cargo Headed to Europe

Israeli's first crude oil export cargo was shipped from the FPSO Energean Power at the Karish field in the Eastern Mediterranean. Photo courtesy Energean

Israel Becomes Oil Exporter with First Cargo Headed to Europe

Total Views: 4845
February 14, 2023

By Alisa Odenheimer (Bloomberg) –

Israel exported oil for the first time, sending a shipment to Europe from Energean Plc’s offshore Karish field.

While the country began sending natural gas abroad several years ago, it has never produced significant amounts of oil. The Karish deposit in the eastern Mediterranean Sea is Energean’s flagship project, and has been pumping gas since last year. 

“The first ever lifting of an Israeli crude oil cargo has taken place at the company’s Karish field,” London-based Energean said in a statement. “The cargo has been sold as part of a multi-cargo marketing agreement with Vitol.”

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. Karish production has further boosted Israel’s gas industry, which has been a game-changer for a nation once reliant on imports.

Israel will remain a net importer of crude despite starting exports. Energean said it remained focused on gas, though “light sweet crude oil, responsibly produced,” is “very much in demand globally.”

© 2023 Bloomberg L.P.

Unlock Exclusive Insights Today!

Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.

Sign Up
Back to Main
polygon icon polygon icon

Why Join the gCaptain Club?

Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.

Sign Up


Maritime and offshore news trusted by our 107,105 members delivered daily straight to your inbox.

gCaptain’s full coverage of the maritime shipping industry, including containerships, tankers, dry bulk, LNG, breakbulk and more.