Energean secures $1.27 bln for Karish gas field development

Energean secures $1.27 bln for Karish gas field development
Image courtesy of Energean Oil & Gas

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.

Share this article

Follow LNG World News

Events>

<< Jul 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

LNGgc London

LNGgc is a fantastic way of raising attendees’ company profile within this market and creating greater awareness of their brand…

read more >

LNG Pricing, Trading & Hedging Singapore

LNG Pricing, Trading & Hedging training program has been completed by hundreds of leading traders, analysts, risk managers…

read more >

LNG Pricing, Trading & Hedging Houston

LNG Pricing, Trading & Hedging training program has been completed by hundreds of leading traders, analysts, risk managers…

read more >

World Gas Series: Morocco Summit

Bringing together key players in the gas value chain in Morocco, the World Gas Series:

read more >