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>

<< Aug 2018 >>
MTWTFSS
30 31 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

FPSO World Congress 2018

This year’s FPSO World Congress will tap on this green shoots of recovery and will focus on practical strategies to address key project…

read more >

ONS 2018

Offshore Northern Seas (ONS) provides a platform for the presentation of the political, economic and technological issues involving…

read more >

FPSO World Congress 2018

The Congress will continue its global focus and will feature the biggest and most important names in the FPSO industry…

read more >

SPE Asia Pacific Oil & Gas Conference and Exhibition 2018

As the energy industry adapts to a new status quo operating under sustained low oil prices, there continues to be a need for the industry…

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