Israel approves Karish, Tanin acquisition

Energean Oil & Gas, Athens, has received Israeli government approval to acquire 100% interests in offshore Karish and Tanin natural gas fields and expects to start production in 2020 (OGJ Online, Aug. 19, 2016).

The company is acquiring the interests from Avner Oil Exploration LP and Delek Drilling LP in a deal valued at $148 million. Avner and Delek Drilling, both units of the Delek Group, Tel Aviv, had to divest the interests under the government’s gas framework allowing development of nearby Leviathan field and expansion of Tamar field. All are in deep water.

Noble Energy Inc., operator of Leviathan and Tamar, sold its interests in Karish and Tanin to Delek last year.

After Energean has closed the acquisition, it will have 6 months to submit a development plan for the acquired fields.

It expects to invest about $1 billion.

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