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Energean Oil & Gas buys field from Delek Drilling and Avner

Staff Writer | December 8, 2016
The Petroleum Council of Israel has announced its approval of the acquisition of 100% of the Karish and Tanin natural gas fields by Energean Oil & Gas from Delek Drilling and Avner.
Oil exploration   The Karish and Tanin
The transaction, estimated to be valued at $148m, is being implemented as part of the Israeli Government’s Gas Framework Strategy. The Karish and Tanin Fields, discovered in 2013 and 2011 respectively, have 2C gas resources of circa 2.4TCF.

Energean will now proceed towards completion of the transaction, and within six months will submit to the Israeli authorities a Field Development Plan (FDP) for both fields.

The company intends to produce first gas in 2020. The development of Karish and Tanin is expected to involve an investment of circa $1bn over the next few years.

The Karish and Tanin FDP is the third FDP that Energean is committed to over the next few years with development programmes being prepared for the Epsilon (North Aegean Sea) and West Katakolon (Western Greece/Ionian Sea) with combined 2P reserves of circa 25 million barrels.

Katakolon was approved to move into development by the Greek Government in late November.

Energean has additional exploration acreage in Western Greece, Montenegro and Egypt. The company anticipates an investment of around $1.3billion in exploration and development (including Karish and Tanin) over the next 5 years.