Energean to develop two fields off Israel

Energean Oil & Gas, Athens, has committed to submit within 6 months a development plan for deepwater Karish and Tanin natural gas and condensate fields offshore Israel, 100% interests in which it agreed to acquire.

The $148-million deal accommodates antitrust stipulations in the Israeli government’s natural gas framework allowing development of nearby Leviathan gas field and expansion of Tamar field, both much larger than Karish and Tanin (OGJ Online, Dec. 17, 2015).

Energean will acquire interests of 47.059% from Noble Energy Mediterranean Ltd. and 26.4705% each from Avner Oil Exploration LP and Delek Drilling LP, according to Delek Group.

The fields, about 40 km apart in Israel’s exclusive economic zone, will supply the Israeli market.

The agreement is subject to government approvals.