Greek energy firm Energean Oil & Gas SA said on Dec. 7 it has signed additional agreements for the supply of natural gas from the Karish and Tanin fields off Israel’s coast with subsidiaries of the Israel Corp. conglomerate.
Agreements for the supply of up to 2.6 billion cubic meters (Bcm) of natural gas annually were signed with Israel Chemicals Ltd. (NYSE: ICL), Oil Refineries Ltd. and the independent power producer OPC.
Israel Chemicals said separately that Energean would supply it with up to 13 Bcm of gas for up to $1.9 billion over 15 years.
In addition, an agreement for up to 0.3 Bcm was signed with energy and infrastructure focused Rapac Communication & Infrastructure Ltd.
The new agreements, together with those already signed with Dalia Group Inc., Dorad Group and Edeltech Group Inc. bring the annual total committed purchase volume to more than 4 Bcm a year of natural gas from Karish and Tanin.
“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,” Mathios Rigas, Energean’s CEO, said.
Recommended Reading
Segrist: The LNG Pause and a Big, Dumb Question
2024-04-25 - In trying to understand the White House’s decision to pause LNG export permits and wondering if it’s just a red herring, one big, dumb question must be asked.
Texas LNG Export Plant Signs Additional Offtake Deal With EQT
2024-04-23 - Glenfarne Group LLC's proposed Texas LNG export plant in Brownsville has signed an additional tolling agreement with EQT Corp. to provide natural gas liquefaction services of an additional 1.5 mtpa over 20 years.
US Refiners to Face Tighter Heavy Spreads this Summer TPH
2024-04-22 - Tudor, Pickering, Holt and Co. (TPH) expects fairly tight heavy crude discounts in the U.S. this summer and beyond owing to lower imports of Canadian, Mexican and Venezuelan crudes.
What's Affecting Oil Prices This Week? (April 22, 2024)
2024-04-22 - Stratas Advisors predict that despite geopolitical tensions, the oil supply will not be disrupted, even with the U.S. House of Representatives inserting sanctions on Iran’s oil exports.
Association: Monthly Texas Upstream Jobs Show Most Growth in Decade
2024-04-22 - Since the COVID-19 pandemic, the oil and gas industry has added 39,500 upstream jobs in Texas, with take home pay averaging $124,000 in 2023.