I.P.M. contracts Karish/Tanin gas for Israeli grid

Energean Oil and Gas has secured a further buyer for gas from its Karish/Tanin field developments offshore Israel.

Offshore staff

ATHENS, Greece – Energean Oil and Gas has secured a further buyer for gas from its Karish/Tanin field developments offshore Israel.

Independent power producer I.P.M. Beer Tuvia has agreed to take around 5.5 bcm supplied from theKarish and Tanin FPSO over a 19-year period for distribution through Israel’s national grid.

The arrangement remains subject to approvals and is also contingent on results of Energean’s 2019 four-well drilling program, starting with the Karish North exploration well in March, targeting 1.3 tcf of gas.

Gas sales are contracted to start in 2024, although Energean may supply I.P.M. with limited volumes between 2021 and 2024.

The company has now signed purchase and sales agreements totaling 4.6 bcm annually from the 8 bcm/yr-capacity FPSO.

It anticipates first gas in 1Q 2021.

CEO Mathios Rigas added that the company would also investigate regional export options for some of the uncontracted volumes.

01/02/2019

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