Energean Oil & Gas reports another natgas contract for Israeli market

Thursday, 10 August 2017 20:42
Energean Oil & Gas

Energean Oil & Gas this week announced a new agreement to sell natural gas to companies in the group controlled by Israeli tycoon Idan Ofer, an initiative that follows the Greek energy provider's continuing presence in the Israeli market.

Energean has already closed a deal to exploit the Tanin and Karish deposits, with an operational date given as 2020.

A total of three contracts refer to the provision of 49 billion cubic meters of natural gas over a 15-year period to the power company OPC Energy, to the Oil Refineries Ltd. unit and Israel Chemical.

The overall value of the agreement is estimated at five billion USD over the 15-year period, with the sale price given as 4 USD per MMBTU.