Energean Oil & Gas has signed agreements for natural gas supply from the Karish and Tanin fields in offshore Israel.
The agreements, which were signed with a group comprising Israel Chemicals, Bazan Oil Refineries and the independent power producer OPC, total up to 2.6 billion cubic metres (Bcm) of natural gas annually.
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Another agreement was signed with Rapac Group, which is focused on telecom, government and energy & infrastructure in Israel for the supply of an additional 0.3Bcm.
Energean Oil & Gas CEO Mathios Rig said: “In just one year since the Israeli Government granted its approval for the acquisition of the Karish and Tanin fields, Energean has succeeded in securing its targeted gas supply volume to help de-risk the project.
“These supply commitments, surpassing our initial 3Bcm per year target, demonstrate the strength of the local gas demand and we look forward to unlocking the significant further potential of these fields.
“We are aiming to progress with FID early in 2018 and our focus now lies in moving ahead on all related project milestones to deliver first gas as planned.”
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By GlobalDataWith the signing of the supply agreements, the total annual committed purchase volume has increased to more than 4Bcm of natural gas a year from the Karish and Tanin fields.
