Energean moves towards Karish & Tanin project FID with new gas sales contracts

Greek oil company Energean has signed further gas sales and purchase agreements (GSPAs) for natural gas supply from the Karish and Tanin fields, offshore Israel.

Energean informed on Thursday that GSPAs totaling up to 2.6 billion cubic meters (BCM) of natural gas annually have been signed with one of the largest industrial groups in Israel, comprising Israel Chemicals, Bazan Oil Refineries and the independent power producer OPC.

In addition, a GSPA totaling up to 0.3 BCM has also been signed with Rapac Group, a group focusing on Telecom, Government and Energy & Infrastructure in Israel.

The new GSPAs, together with those already signed with Dalia Group, Dorad Group and Edeltech Group, bring the annual total committed purchase volume to more than 4 BCM per year of natural gas from the Karish and Tanin fields providing further momentum to progress to FID, targeted for early 2018.

Energean Oil & Gas CEO, Mathios Rigas, commented: “In just one year since the Israeli Government granted its approval for the acquisition of the Karish and Tanin fields, Energean has succeeded in securing its targeted gas supply volume to help de-risk the project. Some of the leading private Israeli companies have seized the opportunity to buy gas at an attractive price and Energean has brought competition to the market for the benefit of Israeli consumers and the country’s economy.

“These supply commitments, surpassing our initial 3 BCM per year target, demonstrate the strength of the local gas demand and we look forward to unlocking the significant further potential of these fields. We are aiming to progress with FID early in 2018 and our focus now lies in moving ahead on all related project milestones to deliver first gas as planned.”

Share this article

Follow Offshore Energy Today

Events>

<< Dec 2018 >>
MTWTFSS
26 27 28 29 30 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
31 1 2 3 4 5 6

Fuel Cell Expo 2019

FC EXPO is world’s largest show for hydrogen & fuel cell…

read more >

LNG Bunkering Summit 2019

LNG Bunkering Summit will cover the obstacles facing both the shipping and port communities…

read more >

Egypt Petroleum Show

This event will feature 500+ regional & international exhibiting companies from over 35 countries…

read more >

IoT in Oil & Gas 2019

The IoT in Oil & Gas 2019 Conference will continue to focus on helping operators…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply