Energean Plc announced on Jan. 14 it will develop a new natural gas field off the coast of Israel at an initial cost of $150 million.
Energean also said it had signed an 18-month, $700 million loan facility with J.P. Morgan and Morgan Stanley to help fund the development and pay for the acquisition of a minority stake in Energean Israel from private equity firm Kerogen.
The Karish North field, which was discovered less than two years ago, is expected to start production in the second half of 2023, the company said in a statement.
The final investment decision had been expected by the end of 2020.
The field will be connected via a 5.4 km (3.36 miles) pipeline to Energean’s 8 billion cubic meter-per-year FPSO unit where the main Karish field is being developed and is expected to start production by year-end.
The first well at Karish North is expected to produce up to 300 million standard cubic feet per day.
Here’s a snapshot of recent energy deals including the closing of ConocoPhillips’ $13.3 billion acquisition of Concho Resources, one of the largest independent shale producers in the Permian Basin.
Here’s a quicklist of oil and gas assets on the market including Unit Petroleum operated Kansas properties plus a nonop Barnett Shale position from Tokyo Gas.
Unit Petroleum retained BOK Financial Securities for the sale of producing operated properties and associated water and gathering lines in central Kansas.