Cypriot firm Energean to buy two Israeli gas fields

17 August 2016
850 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

PM Mitsotakis cites Greek Constitution to back mandatory vaccinations
GREECE
shares16 views
GREECE
shares16 views

PM Mitsotakis cites Greek Constitution to back mandatory vaccinations

makis - Jul 23, 2021

Prime Minister Kyriakos Mitsotakis cited the Greek Constitution in response to those opposing mandatory Covid-19 vaccination during his meeting with…

Who Has Spent The Most Time In Space? (infographic)
WORLD
shares28 views
WORLD
shares28 views

Who Has Spent The Most Time In Space? (infographic)

Panos - Jul 22, 2021

As Russia celebrates 60 years since Yuri Gagain became the first person to orbit the Earth, the state of space travel looks…

What Do Americans Think Of Famous Billionaires? (infographic)
FINANCE
shares30 views
FINANCE
shares30 views

What Do Americans Think Of Famous Billionaires? (infographic)

Panos - Jul 22, 2021

Hot on the heels of fellow billionaire Richard Branson, Amazon founder Jeff Bezos is set to blast into space. He…

Leave a Comment

Your email address will not be published.