Energean Signs First Deal to Supply Gas to Israel

Maritime Activity Reports, Inc.

May 29, 2017

Photo: Energean Oil & Gas S.A

Photo: Energean Oil & Gas S.A

 Greek developer Energean Oil & Gas has secured its first gas supply deals for Israel's Karish and Tanin reservoirs, Reuters reported.

 
The deals were signed with Dalia Power, which operates Israel's largest private power station, and Or Power, which is planning to build new power plants, Energean said in a statement.
 
The two firms will be purchasing an overall amount of up to 23 billion cubic meters (bcm) of gas to operate the Dalia power plant – Israel's largest private power station –  as well as future such facilities to be built by Or, the partners announced on Sunday.
 
Energean, a private exploration and production company in the eastern Mediterranean, bought the Karish and Tanin licenses from Israel's Delek Group in December 2016 for an upfront cost of $40 million and $108.5 million in contingent payments.
 
Delek and its partner Noble Energy, who together control two huge gas fields nearby, were until now the only group to sign gas supply deals in Israel. The Israeli government had forced them to sell the smaller Tanin and Karish fields to open the market.
 
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