Israel’s energy ministry has awarded Energean five offshore licenses to explore for oil and gas in the Mediterranean Sea, according to a news release.
The three-year licenses are for blocks 12, 21, 22, 23 and 31, which are all located near the Karish and Tanin gas fields Energean is working to develop.
Energean said it believes licenses awarded are “highly prospective and would benefit, in the event of any economic hydrocarbon discoveries, from being developed via tiebacks to the FPSO [unit] that Energean will construct for the development of the Karish and Tanin fields.”
The three-year licenses carry a possibility for an extension for another three years as long as the company carries out work and promises to drill. Reuters reported Energean was required to prove it had assets of at least $400 million and $100 million in shareholders’ equity as a condition for the licenses, to ensure it would search for oil and gas.
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