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Greek energy firm discovers natural-gas reserve off Israel

It has agreed to sell some of the gas to Israeli power producer I.P.M. Beer Tuvia in a 19-year deal expected to earn Energean $900 million.

An Israeli offshore natural gas rig. Credit: Wikimedia Commons.
An Israeli offshore natural gas rig. Credit: Wikimedia Commons.

Greek energy firm Energean has discovered between 28 trillion and 42 trillion liters of natural gas off Israel’s northwest shore, announced the company on Monday.

The firm has already agreed to sell some of the gas to Israeli power producer I.P.M. Beer Tuvia in a 19-year deal expected to earn Energean $900 million.

“It will be more than enough to power 40 [percent] of Israel’s electricity needs for the next 10 to 15 years when production comes on stream in 2021,” reported The Telegraph.

“We are delighted to be announcing this significant new gas discovery at Karish North, which further demonstrates the attractiveness of our acreage offshore Israel,” said Energean CEO Mathios Rigas. “We are building the Energean Power [floating production storage and offloading] with spare capacity, which will enable us to quickly, safely and economically develop both Karish North and future discoveries.”

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