* Energean raised $480 mln in London listing in March
* Greek oil output to rise to at least 4,000 bpd in 2018
* Group to grow beyond 4 bcm gas offtake deal with Israel
By Shadia Nasralla
LONDON, April 19 (Reuters) - Freshly London-listed EnergeanOil & Gas is boosting its Greek output and expectsfirst gas from its Israeli fields in the first quarter of 2021,making it one of the biggest independent energy firms operatingin the eastern Mediterranean.
Energean listed last month, raising $460 million to developtwo Israeli offshore gas fields, Karish and Tanin, which havepotential reserves of up to 2.4 trillion cubic feet of gas and32.8 million barrels of light oil and condensate.
It also won five more Israeli blocks nearby and plans topublish their contingent resource data in the next few months,Chief Executive Mathios Rigas told Reuters in a phone interview.
Energean awarded the contract to design and install afloating production and storage platform (FPSO) for Karish toTechnipFMC. It is expected to sail from Singapore to Israel inlate 2020 and could be linked to other fields to process moregas for export.
"There is a lot of gas that is sitting next to us (and) theFPSO we are building has an 8 billion cubic metre capacity andwe've only contracted 4 bcm (with Israel)," Rigas said, addingIsraeli annual demand was set to almost double from 10 bcm.
"Incremental volumes are very profitable for us," he said."We will be working to unlock this tremendous potential for usover the next 12 to 24 months."
Energean expects to benefit from plans to build pipelines inthe Eastern Mediterranean to southern Europe, Cyprus and Egypt.Rigas said there were no export restrictions on the new blocks.
In Greece, Energean plans to lift oil output this year to4,000 to 4,500 barrels per day (bpd) from an average of 2,800bpd in 2017 and 3,670 bpd in the first quarter this year.
It said on Thursday it had extended an offtake agreementwith BP by more than four years to 2025 for its Greekoutput at an average discount of $7 a barrel to dated Brent oil.
It hedges less than half of its output in six-month hedges.
It also plans to take a final investment decision this yearon its Greek Katakolo field, which has proved and probablereserves of 10.5 million barrels with production set to startwithin 18 months.
Energean shares began trading at 4.55 pounds ($6.47) and hit4.70 pounds on Thursday. It reported cash flow from operationsof $29 million for 2017, twice as much as in the previous year.
($1 = 0.7034 pounds)(Reporting by Shadia NasrallaEditing by Edmund Blair)
BP (BP.)
