Greece’s Energean raises USD 1.27 bn to fund its development of Israeli gas fields

More feedstock for Egypt as natural gas export hub? Greek energy explorer and producer Energean has signed a USD 1.27 bn agreement with multiple banks to finance its development of Israel’s Karish and Tanin offshore natural gas fields, Bloomberg reports (paywall). The two fields hold a combined 2.5 tcf of contingent gas, and their development comes amid an acceleration in “the race to develop offshore energy resources in the eastern Mediterranean,” where several gas findings “position the region as a potential gas-producing hub on Europe’s doorstep.” Energean is expected to supply some 4.2 bn cubic meters of gas per year to Israeli companies and earmark any surplus output for export.