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Greece’s Energean announces $1.6 billion investment in Israeli gas fields

Energean said it was making a $1.6 billion investment in gas offshore Israel.

Greece’s Energean announces $1.6 billion investment in Israeli gas fields


Athen, 23 March - Neftegaz.RU. Greek energy company Energean said it was making a $1.6 billion investment in the development of the Karish and Tanin gas fields, Israel’s offshore.

The company said that $405 million of the $460 million it raised in a recent IPO of shares in London will be used to fund its 70 % stake in the project. The remaining 30% of the project will be funded by Kerogen Capital, Energean’s partner in the project

The Greek company said the project will proceed through a new floating production facility that can treat 800 million standard cubic feet of gas per day and store as much as 800,000 barrels of equivalent.

Drilling at the Karish field will start in 2019, Energean has estimated that the supply of the gas will start in the 1st quarter of 2021. The 2 fields are earmarked to supply gas to the domestic market. Energean has also secured options to drill 5 further wells in the licenses it holds in Israel, the statement said.

«The Karish and Tanin development will bring competition and security of supply to the Israeli gas market and will support Energean’s strategy to become a major player in the gas developments of the East Mediterranean,» said Energean Oil & Gas CEO Mathios Rigas in the statement.

«Owning and operating the only FPSO in the East Mediterranean with an 8 BCM per annum capacity gives Energean significant scope for growth through being able to support potential additional gas discoveries from Karish and Tanin and the 5 adjacent licenses that we own in Israel», he said.

Source : Neftegaz.RU


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