Cypriot energy company is to buy two Israeli gas fields
The Cypriot oil and gas company will pay Delek $148.5 million for the two small Israeli gas fields.
Energean is engaged in gas and oil exploration and production in the Adriatic, and Eastern Mediterranean, mainly in Greece and Egypt, and has previously been involved in Israel as the operating partner in the Sara and Myra licenses where only dry holes were found.
Last November, Delek bought the 50% stake of Noble Energy Inc.(NYSE: NBL) in Karish and Tanin for $67 million in order to meet the 14-month timetable for selling the reservoirs to a third party, as stipulated by the Israel Antitrust Authority in order to approve the natural gas outline plan.
The Tanin and Karish reservoirs jointly contain 60-80 BCM of gas, and NIS 700 million has been invested in them to date.
The deal must be approved by the Petroleum Supervisor of the Ministry of National Infrastructures, Energy and Water Resources.
Source: Globes
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