Government approves sale of Karish and Tanin gas reservoirs – Jerusalem Post Israel News

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After receiving Israeli government approval to purchase the Karish and Tanin reservoirs, the Athens-based Energean Oil & Gas expressed its intentions to advance development and see gas flowing by 2020.

On Tuesday, the Israel Petroleum Council approved the $148 million deal, initially cemented in mid-August between the Greek company and Delek Group subsidiaries, Delek Drilling and Avner Oil Exploration, that currently hold the reservoirs. As per the agreement, Energean will not only receive the rights to the fields, but will pay royalties to the Israeli firms from the sales of gas and condensate.

“The acquisition of Karish and Tanin and their development is a significant step for Energean, but it is also a big milestone for Israel in developing its gas strategy, by bringing competition in the local…

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