Energean closes acquisition of two Israeli gas fields

Delek Group informed that the sale of the rights in the I/16 Tanin and I/17 Karish leases to Energean Oil & Gas has been closed. 

According to the company’s statement, Energean remitted the first payment of US$40 million to Delek Group’s Delek Drilling and Avner Oil and Noble Energy.

The acquisition, valued at $148 million received the approval of the Petroleum Council of Israel earlier in December.

The Karish and Tanin fields, discovered in 2013 and 2011 respectively, have gas resources of circa 2.4 trillion cubic feet.

The Greek company intends to submit a field development plan to the Israeli authorities within the next six months, with first  gas production expected in 2020.

The development of Karish and Tanin gas fields is expected to involve an investment of circa $1bn over the next few years.

LNG World News Staff