Energean

Greek energy firm Energean said on Tuesday it signed three new deals to sell natural gas from the Karish and Tanin offshore fields to Israeli companies.

The deals were signed with Dorad Energy Ltd and two subsidiaries of the Edeltech Group, Ashdod Energy and Ramat Negev Energy.

Energean, Greece's sole oil producer, said on Friday it had secured approval to develop the Kataloko field in Western Greece, its third such project in the Eastern Mediterranean.

Greek oil producer Energean has exceeded its target for gas sales contracts needed before it goes ahead with plans to tap two gas fields off Israel's coast, market sources said on Wednesday. Energean bought the Karish and Tanin fields, located in deep waters around 100 kilometers off Israel's coast, last August for $148 million from US-Israeli partners Delek Group and Noble Energy.

Greece launched two tenders on Monday for offshore oil and gas exploration and exploitation in the west and south of the country, the energy ministry said.

The move follows expressions of interest by a consortium of Total, Exxon Mobil and Hellenic Petroleum for exploration in two sites off the island of Crete, and by Greece's Energean for a block in the Ionian Sea in western Greece.

Israel's Oil Refineries (ORL) said on Sunday it is in talks to buy 17 billion cubic meters of natural gas from Greek exploration and production firm Energean.

ORL, together with Israel Chemicals and OPC Rotem, are negotiating non-binding memorandums of understanding to buy gas supplies from Energean, ORL said in a statement to the Tel Aviv Stock Exchange.

Greece's Energean said on Sunday it signed contracts to supply up to 23 billion cubic meters of natural gas to private Israeli power stations from the Tanin and Karish gas fields off the coast of Israel.

May 29 Greece will begin the process of opening up new onshore oil and gas prospects to exploration next year, the chief executive of the country’s oil and gas resources management company said on Monday.

The Greek Ministry of Environment and Energy approved the Strategic Environmental Impact Assessments for hydrocarbons research in two areas in Western Greece. This way the Parliament can now approve the activation of the contracts for Aitoloakarnania and Northwestern Peloponnese.

Greek-based Energean said on Thursday it signed a deal with oil and gas firm TechnipFMC to help develop Israeli offshore gas fields Karish and Tanin.

Energean plans to invest up to $1.5 billion to develop the two fields, which have combined reserves estimated at 2.4 trillion cubic feet.

[Reuters]

Israel is boosting spending on its navy to better protect offshore oil and gas deposits and secure a large maritime zone that abuts that of Lebanon.

Investors say the steps are reassuring.