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Greece’s Energean Inks More Gas Supply Deals from Israeli Fields

Greece’s Energean Oil & Gas announced on October 30 that Energean Israel has signed three new Gas Sales and Purchase Agreements (GSPAs) with Dorad Energy Ltd, and with Ramat Negev Energy Ltd and Ashdod Energy Ltd, both subsidiaries of the Edeltech Group, for natural gas supply from the Karish and Tanin Fields, offshore Israel.

Under the GSPA signed with Dorad, Dorad will purchase up to 6.75 billion cubic metres of natural gas from Karish and Tanin’s reservoirs over the lifetime of the contract, a period of at least 14 years, according to Energean.

Under the GSPAs signed with Ramat Negev and Ashdod, the two companies will purchase a total amount of up to 2.65 billion cubic metres of natural gas from Karish and Tanin’s reservoirs over the lifetime of the contracts, a period of at least 14 years, the Greek oil and gas company said.

"We are delighted to have made such rapid progress in securing these agreements. Israel’s private sector is taking advantage of the competitive prices offered by Energean,” Energean Oil & Gas CEO Mathios Rigas said. "Companies that agree to receive natural gas from the Karish and Tanin fields strengthen their position in the local market and secure cheaper energy for the future,” he added.

"Energean has signed with Dalia, Dorad and Edeltech GSPAs for a total of up to 33 bcm in volume so far. The company has secured revenues of approximately $3 billion, underpinned by Take or Pay arrangements and firm floor prices once all conditions are satisfied. We are delivering the contracts we have promised as planned and we are working steadily towards achieving all the milestones on the project required to reach Final Investment Decision,” Rigas said.

On behalf of Dorad, EAPC and Dorad Chairman Erez Halfon noted that the agreement balances the need for certainty and reliability of supply alongside an attractive price. "The agreement with Energean will enable Dorad to prepare for the expansion of Dorad’s production capacity through Dorad B and the progression towards selling electricity to end users in the regions of Ashkelon and the Gaza perimeter,” Halfon said. "The Dorad Power Plant is responsible for creating competition in the electricity market, and Dorad naturally supports the development of small reservoirs that promote competition in the Israeli natural gas market,” he added.

On behalf of Ramat Negev and Ashdod it was stated that the GSPA’s signed enables the diversification of natural gas supply sources for local projects and contribute to the companies’ business strategies.


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