Energean has ‘full confidence’ in Israeli security


Israel is boosting spending on its navy to better protect offshore oil and gas deposits and secure a large maritime zone that abuts that of Lebanon.

Investors say the steps are reassuring.

“We have full confidence in the Israeli government’s ability to protect Israel’s territory and the development of its natural resources,” Mathios Rigas, chief executive of Greek energy firm Energean, told Reuters.

Energean in August paid $148.5 million for the rights to develop the Tanin and Karish gas fields.

It plans to invest up to $1.5 billion and bring in a floating production, storage and offloading unit to be anchored around 100 km out to sea, making it a potential target for attackers.