Energean signs further gas sale contracts with Israeli firms

Energean Israel has signed further gas sales and purchase Agreements (GSPAs) for natural gas supply from the Karish and Tanin fields, offshore Israel, Energean Oil & Gas has announced.

GSPAs totalling up to 2.6 billion cubic meters of natural gas annually have been signed with one of the largest industrial groups in Israel, comprising Israel Chemicals, Bazan Oil Refineries, and the independent power producer OPC.

In addition, a GSPA totalling up to 0.3 BCM has also been signed with Rapac Group, a leading group focusing on telecom, government, as well as energy and infrastructure in Israel.

The new GSPAs, together with those already signed with Dalia Group, Dorad Group and Edeltech Group, bring the annual total committed purchase volume to more than 4 BCM per year of natural gas from the Karish and Tanin fields.

“In just one year since the Israeli government granted its approval for the acquisition of the Karish and Tanin fields, Energean has succeeded in securing its targeted gas supply volume to help de-risk the project. Some of the leading private Israeli companies have seized the opportunity to buy gas at an attractive price and Energean has brought competition to the market for the benefit of Israeli consumers and the country’s economy,” commented Mathios Rigas, CEO at Energean Oil & Gas.