Israel Approves Energean Purchase of Karish, Tanin Fields

The Petroleum Council of Israel has approved the acquisition of 100 percent of the Karish and Tanin natural gas fields by Energean Oil & Gas from Delek Drilling and Avner.

The transaction, estimated to be valued at $148 million, is being implemented as part of the Israeli Government’s gas framework strategy. The Karish and Tanin Fields, discovered in 2013 and 2011 respectively, have 2C gas resources of around 2.4 trillion cubic feet, according to an Energean statement.

Energean, which will submit a Field Development Plan (FDP) for both fields to the Israeli authorities within six months, intends to produce first gas from the fields in 2020. The development of Karish and Tanin is expected to involve an investment of circa $1 billion over the next few years.

“We are delighted to have received the approval of the Israeli Government on this transaction and for their swift consideration of the matter. The acquisition of Karish and Tanin and their development is a significant step for Energean, but it is also a big milestone for Israel in developing its gas strategy, by bringing competition in the local market,” Energean CEO Mathios Rigas said.

“Karish and Tanin will supply the Israeli domestic market for many years and we are eager to press ahead with its development as soon as possible,” he added.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Hurricane Spuds North Sea Halifax Well... (Jan 16)
 -  Jesse Norman to Take on Full Energy Br... (Jan 13)
 -  CNOOC Starts Penglai 19-9 Output (Jan 13)
 -  Report: CHC to Shut Down Bergen Base, ... (Jan 13)
 -  Fugro Nets 5-Year Services Contract wi... (Jan 13)


Most Popular Articles

From the Career Center
Jobs that may interest you
Business Development Director - Midstream Services
Expertise: Business Development|Operations Management
Location: Houston, TX
 
United States Houston: Senior Product Champion
Expertise: Business Development|Marketing|Sales
Location: Houston, TX
 
United States Houston: Engineering Project Manager
Expertise: Project Management
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $55.45/BBL 0.99%
Light Crude Oil : $52.37/BBL 1.20%
Natural Gas : $3.42/MMBtu 0.88%
Updated in last 24 hours