Energean Signed a New Gas Sale and Purchase Agreement with Kesem Energy Ltd.

SEATTLE (Oil Monster): Energean plc. said its subsidiary Energean Israel Limited has entered into a new gas sale and purchase agreement with Kesem Energy Ltd. towards supply of gas to the latter’s new power plant in HaMerkaz, Israel, which is expected to become operational before 2030.

The deal states that starting in the mid-2030s, Energean Israel will provide about 1 billion cubic meters annually. Additionally, the contract stipulates that limited amounts of gas must be supplied prior to the principal supply period. The agreement is contingent upon Kesem reaching plant financial close by January 2026.

RELATED NEWS:

Energean CEO Urges Israel to Issue New Oil and Gas Exploration Licenses

Energean Begins Natural Gas Production from FPSO Offshore Israel

The company is happy to announce the signing of a new deal with Kesem, said Mathios Rigas, CEO of Energean. The company's long-standing dedication to ensuring steady and dependable long-term financial flows is reflected in the contract. According to him, Energean has already secured over $20 billion in contracted earnings for the next 20 years.

The proposed sale of Energean's portfolio in Egypt, Italy, and Croatia to a company owned by Carlyle International Energy Partners was terminated last month. The business and Carlyle couldn't agree on extending the agreement's expiration date. It should be mentioned that the parties signed the sales and buy agreement in June of last year.