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25 Jun 2019 | 07:58

Energean signs gas agreement

Energean Oil and Gas has signed an agreement with Israel Natural Gas Lines (INGL) for the hand over of the near shore and onshore part of the infrastructure that will deliver gas from the Karish and Tanin FPSO into the Israeli national gas transmission grid.

An MOU with INGL was signed in December 2018.

As consideration, INGL will pay Energean approximately $102m, which will be paid in accordance with milestones detailed in the agreement.

Mathios Rigas, CEO of Energean Oil & Gas said: 'The agreement signed with INGL is an important milestone for the Karish and Tanin development, which will start flowing natural gas to the Israeli market in 1Q 2021.'

Story provided by StockMarketWire.com
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