The Greek oil and gas company Energean has approved the Final Investment Decision (FID) to proceed with the development of the Karish and Tanin gas projects offshore Israel. The project development will be supported through a Senior Credit Facility of US$1.275bn and through US$405m in equity, stemming from an Initial Public Offering (IPO) on the London Stock Exchange held earlier in March 2018, in which Energean raised £330m (US$460m). The company now plans to list on the Tel Aviv Stock Exchange in the coming weeks.
Energean will own 70% in the Karish and Tanin gas projects, in partnership with Kerogen Capital (30%). Gas resources are estimated at 2.4 tcf (nearly 68 bcm). The project will include a new build FPSO with a gas treatment capacity of 800 mcf/d (8.2 bcm/year) and the gas will be shipped through a 90-km long gas pipeline to the Israeli coast. The infrastructures are expected to be commissioned in the first quarter of 2021. 61 bcm/year will be sold to Israeli power producers and industrial companies over a period of 16 years.