Energean's First Gas from Karish North Field
Energean Achieves First Gas from Karish North Field Offshore Israel
Energean has successfully achieved first gas from the Karish North field offshore Israel and has recently secured a new gas sale-and-purchase agreement totaling $2 billion over a span of 15 years.
Full Gas Capacity Reached
The Eastern Mediterranean and North Sea-focused oil and gas company announced on Thursday that the commencement of production from the gas field has allowed the nearby storage and offloading vessel to reach full gas capacity.
New Gas Deal Signed
Furthermore, Energean has signed a significant gas sale-and-purchase deal with a subsidiary of Israel's Dalia Power Energies. The contract entails an initial supply of 600 million cubic meters per year, with projections to increase to 1 billion cubic meters annually starting from 2032.
Long-Term Commitments
This 15-year supply agreement is estimated to generate around $2 billion in revenue throughout its duration. Energean emphasized that this strategic move aligns with their goal to introduce competition and ensure a reliable gas supply for the Israeli market, while also securing stable long-term returns for their shareholders through extended gas contracts.
Market Response
Following this announcement, Energean's shares surged by 7.8% to 1,057.00 pence as of 0958 GMT, reflecting positive market sentiment towards the company's recent achievements.
Contact Christian Moess Laursen for further information
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