The Petroleum Council of Israel’s endorsement of Energean Oil & Gas’s acquisition of two significant offshore natural gas fields, Karish and Tanin, from Delek Drilling and Avner, a decision announced yesterday, paves the way for the internationally oriented Greek oil and gas exploration company’s next moves, expected to move along three fronts.

Energean will seek to establish partnerships for its Israeli natural gas fields with major companies active in such projects on an international scale. It will also begin a quest to raise financing needed for the project’s development. Energean will also look to establish gas supply deals with possible buyers in the Israeli market. However, the prospects here could be limited as supply deals have already been established by Israel’s market leader.

Energean’s search for partners and financing will be aided by the current market conditions, including the slight increase of crude oil prices, expected to bolster the overall interest of investors.

Energean acquired 100% of the Karish and Tanin natural gas fields for 148 million dollars as well as a percentage of exploitation revenues. The fields are estimated to possess a production capacity of up to 2.4 trillion cubic feet of natural gas. Light crude reserves measuring 25 million barrels and located approximately 1,600 meters deep, within Israel’s Exclusive Economic Zone (EEZ), have also been detected.

As noted yesterday by Mathios Rigas, CEO of Energean, Energean’s investment program for hydrocarbon exploration and production in Greece, Egypt, Montenegro and Israel over the next five years reaches 1.3 billion dollars.