Israel clears Energean’s buying two gas fields

Baku, December 8 AZERTAC

Israel’s Petroleum Council said on Wednesday it had approved the acquisition of 100 percent of the Karish and Tanin natural gas fields by the Greek company Energean Oil and Gas from Delek Drilling and Avner Oil for $148 million.

According to Reuters, Delek Drilling and Avner, both subsidiaries of Delek Group, were required by the government to sell off the two tiny fields as part of an effort to open the gas market to more competition. Karish and Tanin, discovered in 2013 and 2011, respectively, off Israel’s Mediterranean coast, have gas resources of about 2.4 trillion cubic feet.

Energean said on Wednesday that within six months it would submit to the Israeli authorities a development plan for both fields. The company intends to start production in 2020. Development of Karish and Tanin is expected to require an investment of $1 billion over the next few years, Energean said.

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