Energean secures funding for Israeli gas fields

TAGS: Energy

Greek energy firm Energean has secured $1.25 billion in funding for the development of two natural gas fields off the coast of Israel, the company’s chief executive said on Tuesday.

The company signed commitment letters with Morgan Stanley, French investment bank Natixis and Israel’s Bank Hapoalim, CEO Mathios Rigas told an energy conference in Tel Aviv, according to an official transcript.

Energean hopes to begin production at the Karish and Tanin fields, which contain an estimated 2.4 trillion cubic feet of natural gas, in 2021.

The company is also planning to raise $500 million in an initial public offering in London.