Energean Power has moored its floating gas production rig near the Shark gas reservoir, approximately 50 miles off the Haifa’s coast.

Announcing the arrival on Saturday, Energean, whose gas production was licensed to explore from the “Shark(Karish)” and “Crocodile(Tanin)” reservoirs reports JPost.

The company will immediately anchor and connect the rig to the gas wells. They will also set up piping networks and initiate an initial run of several systems.

Energean forecasts that commissioning operations will last for roughly 3-4 months until the initial gas flow is realized. This is anticipated to happen in the third quarter of 2022.

“I am pleased to confirm that Energean Power, the floating rig of Energean, arrived safely in Israel this morning. This is a very significant milestone for the first gas extraction from the Shark Reservoir, expected in the third quarter of this year,” Matthews Riggs, Energean CEO Matthews Riggs said.

“Our flagship project will provide energy security to Israel and the region. This milestone joins Energian’s recent discoveries in the Olympus region, which will form a significant basis for the company’s continued growth and the development of the local and regional energy economy.”

Lebanon objected to the exploration, claiming it moored in disputed waters between Israel and its northern neighbor.

Lebanese President Michel Aoun said that any activity in the disputed area is equivalent to a provocation and an aggressive act after the London-based Energean rig’s arrival.