Energean to pour in USD 1.6bn in Israel’s offshore O&G basins
Category: #world  By Saipriya Iyer  Date: 2018-03-23
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Energean to pour in USD 1.6bn in Israel’s offshore O&G basins

Reputed Greek oil & gas firm Energean is likely to invest nearly USD 1.6 billion in the Karish and Tarin natural gas fields off the Israel Coast. The firm has stated that the gas supply from the offshore field of Karish is expected to commence in 2021, while the gas production at Tanin is projected to be procured much later.

For the uninitiated, Tanin and Karish of Energean have potential oil & gas reserves with 32.8 million barrels of light oil & condensate in terms of volume along with 2.4 trillion cubic feet of natural gas in terms of capacity. According to reliable sources, Energean is positioning its business across the eastern Mediterranean region through its newly constructed FPSO unit having a capacity of 800 million cubic feet per day along with a liquid capacity of nearly 800,000 barrels.

Incidentally, Energean had raised nearly USD 460 million in an IPO (Initial Public Offering) on the London Stock Exchange just prior to this announcement. Earlier, the firm had also signed a USD 1.275 billion deal with a group of four Israel Banks and international financial institutions for raising funds. Bank Hapoalim among them, being Israel’s largest bank, provided funds worth USD 375 million. The other three banks, namely, Natixis, Morgan Stanley, and Societe Generale will be investing nearly USD 300 million each in Energean.

It is being speculated that Energean will provide a tough competition to the Delek Group Limited and Noble Energy’s Leviathan & Tamar gas fields across the oil & gas sector. According to Oil & Gas Journal, last month, Noble Energy Inc. signed pacts with an industrial group, Dolphinus Holdings Limited,  in Egypt to sell 1.5 trillion cubic feet of natural gas from its Leviathan & Tamar gas basins off the Israel coast.



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Saipriya Iyer

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Saipriya Iyer

Saipriya Iyer develops content for Market Size Forecasters, Algosonline, and myriad other platforms. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had a previous experience of 3 years under her bel...

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