Natural gas in Israel

Energean is seeking approval from Cyprus for the Greek oil and gas firm to build a pipeline from its Israeli offshore gas fields and import 0.5 to 1 billion cubic meters of gas a year to the island, Energean's chief executive said on Thursday.

Greek oil and gas company Energean will invest $1.6 billion in its Karish and Tanin gas fields off the coast of Israel, it said on Thursday, days after raising about $460 million on the London stock exchange.

Karish and Tanin have potential reserves of 2.4 trillion cubic feet of natural gas and 32.8 million barrels of light oil and condensate.

Israeli Prime Minister Benjamin Netanyahu announced on Monday that a historic deal has been reached to sell Israeli natural gas for billions of dollars in Egypt.

This agreement will bring billions of dollars to our treasury, he said in an official statement, reports France press.

It was in 1979 when Egypt became the first Arab country to sign a peace treaty with Israel.

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.

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.

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.

In a move aimed at increasing competition in the Israeli electricity sector, Greek developer Energean Oil & Gas has secured its first gas supply deals for Israel’s Karish and Tanin reservoirs.

Turkey is likely to require 25 percent less gas in 2030 than forecast by state-owned pipeline operator BOTAŞ as the government promotes renewable power and domestic coal use, a study showed on April 24.

European and Israeli governments gave their support on Monday to moving forward with a Mediterranean pipeline project to carry natural gas from Israel to Europe, setting a target date of 2025 for completion.

The planned 2,000-kilometer pipeline aims to link gas fields off the coasts of Israel and Cyprus with Greece and possibly Italy, at a cost of up to 6 billion euros.