From Yahoo Finance: 2025-04-14 11:57:00

Energean Israel signed a gas sale and purchase agreement with Kesem Energy for a new power plant. The plant is set to operate before the end of the decade, with Energean committed to supplying one billion cubic metres annually from the mid-2030s, generating over $2bn in revenue over 17 years.

Energean CEO Mathios Rigas expressed pleasure in securing another contract, highlighting the growing demand for natural gas in Israel. The company has secured $20bn in revenues over the next two decades. Prior to full commencement, Energean will intermittently supply limited gas quantities with floor pricing and price indexation not linked to Brent prices.

Energean aims for stability and resilience with over 75% of its production under floor pricing agreements. The company aligns its gas SPA with other long-term contracts in its portfolio. Energean also reached a $1.2bn final investment decision for the Katlan project in Israel, expected to start gas production in the first half of 2027.

The Katlan project, approved by the Israeli Government, is estimated to contain 229 million barrels of oil equivalent. Discovered in 2022, the area will be developed in phases through a subsea tieback to the existing Energean Power floating storage and offloading unit.



Read more at Yahoo Finance: Energean Israel signs gas sale agreement with Kesem Energy for new power plant