October 30, 2017 09:41 AM Eastern Daylight Time
LONDON--(BUSINESS WIRE)--Energean Oil & Gas (“Energean” or “the Company”) is pleased to announce that Energean Israel has signed three new Gas Sales and Purchase Agreements (“GSPAs”) with Dorad Energy Ltd. ("Dorad"), and with Ramat Negev Energy Ltd. ("Ramat Negev") and Ashdod Energy Ltd. ("Ashdod"), both subsidiaries of the Edeltech Group, for natural gas supply from the Karish and Tanin Fields, offshore Israel.
“The GSPA’s signed today enable the diversification of natural gas supply sources for local projects and contribute to the companies' business strategies.”
August 9, 2017
Greek oil producer Energean has exceeded its target for gas sales contracts needed before it goes ahead with plans to tap two gas fields off Israel’s coast, market sources said on Wednesday.
Energean bought the Karish and Tanin fields, located in deep waters around 100 kilometres off Israel’s coast, last August for $148 million from U.S.-Israeli partners Delek Group and Noble Energy.
It plans to lease its own floating production, storage and offloading vessel and build a separate pipeline to Israel at a cost of up to $1.5 billion.
Energean had targeted gas sales contracts of 3 billion cubic metres annually before making a final investment decision and has so far secured 4.6 bcm a year, market sources said.
24 Jan, 2017 14:12
Nati Yefet
The Electric Corporation will save $1.34 million on its fuel costs.
Sources inform "Globes" that Israel Electric Corporation (IEC) (TASE: ELEC.B22) board of directors last Thursday approved a deal to buy surplus natural gas from Dalia Energies, owner of the Dalia power station, for 50 days at a price that will save the company at least $1 million. While IEC buys gas from the Tamar reservoir at $5.80 per mmbtu, it will pay less than $5 for the gas from Dalia. Dalia, the largest power station in Israel, has a 900 megawatt capacity, enabling it to supply 7% of Israel's electricity.
The IEC decision followed the start of a two-month shutdown of one of Dalia's two turbines earlier this month, shortly after the other turbine ended a two-month shutdown. As reported to "Globes," each turbine generates NIS 32 million a month in revenue, meaning that the four-month shutdown of one turbine will reduce Dalia's revenue by nearly NIS 130 million. Adding several million dollars for repairing each turbine brings the projected damage suffered by Dalia to NIS 150 million. A malfunctioning turbine is not a rare event; IEC combined cycle turbines are shut down an average of 29 days.
