Delek Group informed on Wednesday that Ocean Energean Oil and Gas, a wholly-owned subsidiary of Cypriot Energean E&P Holdings, agreed to buy the rights in the Tanin and Karish gas fields for US$148.5 million.
According to Delek’s statement, Avner Oil and Delek Drilling, each holding a 26.4705 percent stake in the two gas fields, together with Noble Energy, holding a 47.059 percent stake, are selling the rights in Tanin and Karish gas field in order to comply with the government’s “Gas Framework” in regards to the Tamar and Leviathan gas fields.
Under the agreement with Energean, partners in the Tanin and Karish gas fields will receive the $148.5 million which constitutes reimbursement of the past expenses invested in the leases by the sellers.
Additionally, the sellers are entitled to royalties in connection with natural gas and condensate to be produced from the leases.
According to the government’s “Gas Framework”, Energean will transfer the export quota from the leases to the Leviathan partners.
The agreement for the sale of all of the rights in the Tanin and Karish leases requires the approval of the Petroleum Commissioner at the Ministry of National Infrastructures, Energy and Water Resources.