Energean Israel Signs US$1.275bn Facility Agreement with Four International Banks to Finance the Karish Development Project
Monday 5 March 2018
Energean Oil & Gas announced that Energean Israel has signed a secured Senior Credit Facility (the “Facility Agreement”) of up to US$1.275 billion with Morgan Stanley, Natixis, Bank Hapoalim and Societe Generale as Mandated Lead Arrangers.
The Facility Agreement will be the primary source of funding for the development of the Karish offshore gas field over the next three years, with first gas production expected in early 2021.
It also provides further momentum for the Company to make a Final Investment Decision on Karish and Tanin.
Energean has also signed a US$1.36 billion contract with TechnipFMC for the construction of an FPSO with a production capacity of 8 BCM per year, potentially enabling them to take advantage of future production potential from their existing licences or adjacent fields to deliver gas to a rapidly growing regional market.