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Energean: Three new natural gas sale contracts in Israel

Three new Gas Sales and Purchase Agreements (GSPA's) have been signed by Energean yesterday in Tel Aviv.

The contracts were signed with the Dorad Energy group,  Ramad Negev Energy, and Ashdod Energy from the Edeltech group, which are active in the production of electricity from natural gas. The deals relate to the supply of natural gas from Karish and Tanin offshore fields, which are located in Israel's EEZ and are 100% owned by Energean Israel.

Under the two agreements, over a period of 14 years, Dorad will receive a total of 6.75 billion cubic meters of gas and Ramat Negev and Ashdod, a total of 2.65 billion cubic meters of natural gas from these fields.

The CEO of Energean Oil & Gas Mr Mathios Rigas commented: "We are very happy about the progress made so quickly in finalizing these agreements. Israel's private sector is taking advantage of the competitive prices offered by Energean. Companies signing agreements to supply gas from Karish and Tanin, reinforcing their position in the domestic market and ensuring the supply of natural gas for the future.

So far, Energean has signed with the Dalia, Dorad and Edeltech groups definitive agreements to sell a total of 33 billion cubic meters of natural gas. Energean has already secured revenues of $ 3 billion, based on the Take or Pay clauses included in the agreements.

We have entered into contracts according to our planning and we are working to achieve all the project's key objectives, which are necessary for the final Investment Decision. "