Israeli offshore exploration gearing up again after hiatus

19 Aug 2016   Israel

Exploration off Israel’s Mediterranean coast is set to resume in the coming months after a hiatus of several years with a new foreign player, Energean Oil and Gas, expected to enter the market following its acquisition this week of the Karish and Tanin gas reservoirs from Israel’s Delek Group. The Cypriot company will pay $148.5 million and 9% of future revenue from the sale of gas from the two adjacent reservoirs. Israeli energy industry sources said that Energean is expected to present the Energy and Water Ministry with a detailed plan for developing Karish and Tanin early next year. The sale of the licenses coincides with plans by the Tamar consortium (Noble Energy, Delek Group, Isramco and Dor Gas Exploration) to drill a sixth well at the Tamar field at a cost of $265 million. Tamar is currently the sole source of supply to the domestic market. Article Continues […]

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