Cypriot firm Energean to buy two Israeli gas fields

17 August 2016
263 Views

The partners in Israeli offshore gas fields Tamar and Leviathan have agreed to sell their rights in two smaller fields to Ocean Energean Oil and Gas Ltd for $148.5 million to comply with a government requirement.

Delek Group, which has controlling interests in several gas fields in the eastern Mediterranean, is being forced by the government to sell off some assets in an effort to open the sector to competition.

Energean will buy Texas-based Noble Energy’s 47.06 percent stake in the Tanin and Karish fields and the rest from Delek subsidiaries Avner Oil Exploration and Delek Drilling, Avner said in a statement on Wednesday.

The buyer of Tanin and Karish, with combined gas reserves of 3 trillion cubic feet, is a subsidiary of Cyprus-registered Energean E&P Holdings Ltd, which operates mainly in Greece and the Aegean Sea.

The sellers will also be entitled to royalties if and when gas is produced from the fields.

Last year Delek paid its partner Noble for the rights to sell its stake in the two fields.

You may be interested

US Amb Pyatt: The stronger Greece is, the more it can act as a stabilizing force in the region
GREECE
shares43 views
GREECE
shares43 views

US Amb Pyatt: The stronger Greece is, the more it can act as a stabilizing force in the region

makis - Apr 20, 2018

Greece can act as a stabilizing force for good in the wider region and the stronger Greece is, the better…

Kotzias – Dimitrov to meet again on April 25, in Vienna
POLITICS
shares42 views
POLITICS
shares42 views

Kotzias – Dimitrov to meet again on April 25, in Vienna

makis - Apr 20, 2018

According to the FYROM government spokesman, Mile Bosnjakovski who spoke on Friday, there will be a new meeting between the…

Alexandros Stamatiadis dies in hospital
GREECE
shares67 views
GREECE
shares67 views

Alexandros Stamatiadis dies in hospital

makis - Apr 20, 2018

Greek businessman Alexandros Stamatiadis has died after being hospitalised in critical condition for 18 days. The businessman, 52, was shot…

Leave a Comment

Your email address will not be published.