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Energean buys Karish and Tanin, offshore Israel

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Report summary

On 17 August 2016 Delek Group announced the sale of its Karish and Tanin gas discoveries offshore Israel to Energean Oil and Gas for a consideration of US$148.5 million. The deal marks Energean s entry into discovered resources in Israel and the start of Delek s divestments in compliance with the 2015 Gas Outline Agreement. There will be challenges ahead for Energean in developing Karish and Tanin: executing gas sales agreements in a small domestic market will not be easy. However the government may guarantee some marketspace as it incentivises the development of smaller fields ahead of a bid round expected later this year.

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    Energean buys Karish and Tanin, offshore Israel

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