Cypriot firm Energean to buy Israeli Tanin and Karish gas fields

The Cypriot oil and gas company will pay Delek $148.5 million for two small Israeli gas fields Tanin and Karish .

Leviathan GAS FIELD


The partners in Israeli offshore gas fields Tamar and Leviathan have agreed to sell their rights in two smaller fields Tanin and Karish, to Cypriot energy company Energean Oil and Gas for $148.5 million. $40 million will be in cash with the remaining $108.5 million in ten payments over the next year, plus interest.

The Tanin and Karish reservoirs jointly contain 60-80 BCM of gas. $184.5 has been invested in these fields to date. In the end of 2015 Delek also bought Noble Energy‘s 50 percent stake in Tanin and Karish for $67 million.

Delek Group, led by Itzhak Tshuva, is being forced by the government to sell off these fields in an effort to open the sector to competition.


In a statement on Wednesday Delek group said that Energean will buy from the US-based company Noble Energy its 47.06 percent stake in the Tanin and Karish fields and the rest from Delek subsidiaries Avner Oil Exploration and Delek Drilling.

Ocean Energean with combined gas reserves of 3 trillion cubic feet, is engaged in gas and oil exploration and production in the Aegean Sea and Egypt. The company, a subsidiary of Cyprus-registered Energean E&P Holdings Ltd, has previously been involved in Israel as the operating partner in the Myra and Sara licenses where no oil was found.

The sale is subject to regulatory approval.


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