Energean Oil & Gas, eastern Mediterranean focused exploration and production company secured $1.27 billion for the development of the Karish offshore gas field.
The company signed a credit facility for the funds with Morgan Stanley, Natixis, Bank Hapoalim and Societe Generale, the company said in a statement.
This will be the primary source of funding for the development of the Karish gas field over the next three years with first gas production expected in early 2021.
It also provides further momentum for the company to make a final investment decision (FID) on Karish and Tanin.
Speaking following the agreement, Energean Oil & Gas CEO Mathios Rigas, said the company is advancing the Karish and Tanin development rapidly.
“Long-term cash flow from Karish and Tanin has been secured through our previously signed gas supply agreements for approximately 4.2 billion cubic meters per year with 12 established counterparties,” he said.
The company has also signed a $1.36 billion deal with TechnipFMC for the construction of the FPSO with a production capacity of 8 bcm per year.
Energean is also in the process of raising the equity required to develop the Karish and Tanin gas fields through a premium listing on London Stock Exchange.