The Israeli petroleum commissioner has approved the field development plan for the Karish and Tanin gas fields being developed by Energean Oil & Gas subsidiary Energean Israel, a 50:50 joint venture between Energean and Kerogen Capital, a news release said.

The gas fields are located offshore Israel.

The Karish main development includes drilling three wells and using an FPSO unit that will be located about 90 km offshore with a production capacity of 400 million standard cubic feet per day, Energean said in the release. The next step is to reach a final investment decision, which is expected before year-end 2017.

Energean said it has appointed Morgan Stanley as the project finance advisor for the $1.3 billion to $1.5 billion investment required for the Karish development.

Energean Israel owns 100% of the Karish and Tanin fields, which combined have 2.7 Tcf of natural gas and 41 million barrels of oil equivalent (MMboe) of light hydrocarbon liquids, totaling 531 MMboe of 2C resources, Energean said.