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Thursday, August 18, 2016
Energean Oil & Gas signed a deal for the sale of 100% of Delek and Avner’s holdings in the Karish and Tanin natural gas fields offshore Israel. The deal is being undertaken as part of the implementation of the Israeli government’s Gas Framework, which is part of the country’s strategy to develop the energy market.
Under the requirements of the Gas Framework, Delek and Avner were obligated to sell their holdings in the reservoirs. The deal is valued at $148 million.
The two fields are located in the north of Israel’s exclusive economic zone. The Tanin contains approximately 22.4 Bcm of natural gas (contingent resources) and 12.7 BCM of natural gas (prospective resources). The Karish is estimated to contain 36.6 (contingent resources) and 14.0 Bcm of natural gas (prospective resources). In addition, the field contains condensate resources two reservoirs.
The gas produced from the Karish and Tanin reservoirs is intended for the domestic Israeli market.
The gas fields offshore Israel are seen as complimentary to Energean’s assets in other countries on the Mediterranean, specifically Egypt and Greece.
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