Greek oil and gas company Energean will invest $1.6 billion in its Karish and Tanin gas fields off the coast of Israel, it said on Thursday, days after raising about $460 million on the London stock exchange.
Karish and Tanin have potential reserves of 2.4 trillion cubic feet of natural gas and 32.8 million barrels of light oil and condensate.
Energean expects first gas from Karish, which means shark in Hebrew, in 2021. Tanin, which means crocodile in Hebrew, will be developed after Karish.
The company has signed gas supply agreements in Israel for about 4.2 billion cubic metres of gas a year.
Energean is also positioning itself in the eastern Mediterranean with a newly built floating production storage and offloading (FPSO) facility with capacity of 800 million cubic feet a day and liquids capacity of 800,000 barrels. [Reuters]