London oil agrees to co-finance offshore project in Israel

The London-based oil and gas company Kerogen Capital committed to invest 50 million dollars in Energean subsidiary in Israel, before the planned development of 1.3 billion dollars of offshore gas fields Karish and Tanin.

The Israel acquired 100% of Energean interest in operating lease agreements Karish and Tanin Delek group in December 2016, for an initial consideration of US $40 million and $108,500,000 in contingent payments.

Kerogen investment resources will finance the acquisition and critical workflows in the run-up to the sanction of the project, including engineering studies, field development plan currently in progress in cooperation with the TechnipFMC.

The gas produced, which will begin to flow in 2020, will help to meet the household needs of Israel. The investment of Kerogen remains subject to approval by the Israeli Government.


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