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| Public | |
| Traded as | LSE: ENOG |
| Industry | Oil and gas |
| Founded | 2007 |
| Headquarters | Marousi, Athens, Greece |
Key people | Simon Heale (Chairman) Mathios Rigas (CEO) |
| Revenue |  |
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| Total assets |  |
| Website | www.energean.com |
Energean Oil & Gas is an international oil and gas exploration and production company. It is listed on the London Stock Exchange as well as the Tel Aviv Stock Exchange and is a constituent of the FTSE 250 Index.
The company was established as Aegean Energy SA, a Greek-owned business, in 2007. [2] It started operations when it acquired Eurotech Services SA from Regal Petroleum in December 2007. [3] It then developed sites in the north Aegean Sea. [4] It was then the subject of an initial public offering in March 2018 on the London Stock Exchange. The company listed on the Tel Aviv Stock Exchange in October 2018. [5]
In June 2019, it was reported to be in talks with financial entities to raise up to $1.5 billion. [6] In July 2019, Energean made a deal to buy Italy's Edison for $750 million, which would be funded via a $265 million equity placing and a $600 million loan followed by a further $100 million payment after first gas would be streamed from an Italian gas development. [7] In October 2019, Energean agreed to sell Edison North Sea assets to Neptune Energy Group for up to $280 million as part of an ongoing plan to sell non-core assets. [8]
In December 2016, Energean acquired 100 percent of the Karish and Tanin natural gas fields from Delek Drilling and Avner Oil for $148 million as required by the Israeli government in order to open the sector to competition. [9] In March 2018, the company signed a $1.275 billion financing deal with Bank Hapoalim, Morgan Stanley, Societe Generale, and Natixis in order to develop Karish and Tanin. [10] In March 2019, the company reported that it had begun drilling for natural gas at Karish North in order to verify reserves estimated at up to 36 BCM on top of the already confirmed 67 BCM. [11] In June 2019, Energean signed an agreement with Israel Natural Gas Lines Company to build the eastern segment of the Israeli gas transport system, consisting of an undersea segment 10 kilometers from the coast and a coastal land segment, for NIS 369 million. [12] In November 2019, the company said that its appraisal of the Karish North discovery had revealed 0.9 trillion cubic feet of recoverable natural gas resources plus 34 million barrels of light oil, a significant increase from its original estimate. [13] In January 2020, Energean signed a letter of understanding with DEPA, a Greek gas corporation, for the sale of up to 2 BCM of gas annually through the projected undersea gas pipeline to Europe, the construction of which is estimated to cost $9 billion. [14]
In November 2019, Energean was sued at the Tel Aviv District Court for NIS 603 million by Tsabar Gas and Oil. The lawsuit claimed that Energean had acted in breach of contract and had deprived Tsabar of its rightful share to the Karish and Tanin fields. In response, Energean denied the claims and asserted that it was the sole owner of the rights to the Karish and Tanin gas fields and that it had acted in complete transparency. [15] On 25 November 2019, Tsabar sent a strongly worded letter to Natural Resources Administration Director and Petroleum Commissioner Yossi Wurzburger in which it complained of allegedly inappropriate conduct by Energean that included Energean's alleged physical refusal to accept a delivery of documents from a messenger informing it of the lawsuit. Energean denied any knowledge of the letter and said it would not comment on the matter to the press. [16]
The economy of Israel is a highly advanced free-market, primarily knowledge-based economy. Israel ranks 22 on the latest report of the UN's Human Development Index, which places it in the category of "Very Highly Developed", allowing the country to enjoy a higher standard of living than many other Western countries. The prosperity of Israel's advanced economy allows the country to have a sophisticated welfare state, a modern infrastructure, and a high-technology sector competitively on par with Silicon Valley. Israel has the second-largest number of startup companies in the world after the United States, and the third-largest number of NASDAQ-listed companies after the U.S. and China. Intel, Microsoft, and Apple built their first overseas research and development facilities in Israel, and other high-tech multi-national corporations, such as IBM, Google, HP, Cisco Systems, Facebook and Motorola have opened R&D centres in the country.
The Tel Aviv Stock Exchange is Israel's only public stock exchange. Legally, the exchange is regulated by the Securities Law (1968), and is under the direct supervision of the Israel Securities Authority (ISA).
Shah Deniz gas field is the largest natural gas field in Azerbaijan. It is situated in the South Caspian Sea, off the coast of Azerbaijan, approximately 70 kilometres (43 mi) southeast of Baku, at a depth of 600 metres (2,000 ft). The field covers approximately 860 square kilometres (330 sq mi). Stretching out over 140 square kilometres, the reservoir is similar in size and shape to Manhattan Island.
Yuval Steinitz is Israel's Minister of Energy, in charge of Israel Atomic Energy Commission and a member of the Security Cabinet. He is a member of the Knesset from the Likud party. He served as Minister of Finance (2009-2013) and as Minister of Intelligence and Strategic Affairs (2013-2015). Steinitz holds a Ph.D. in Philosophy and was a senior lecturer at the University of Haifa.
The Arab Gas Pipeline is a natural gas pipeline in the Middle East. It originates near Arish in the Sinai Peninsula and was built to export Egyptian natural gas to Jordan, Syria, and Lebanon, with branch underwater and overland pipelines to and from Israel. It has a total length of 1,200 kilometres (750 mi), constructed at a cost of US$1.2 billion.
Societatea Națională de Gaze Naturale Romgaz SA Mediaș or simply Romgaz is the largest natural gas producer in Romania and one of the largest producers in Eastern Europe. The company is the country's main supplier and responsible for producing around 40% of the total natural gas consumption in Romania.
Delek Group is an Israeli conglomerate and one of Israel's largest companies, majority owned by Yitzhak Tshuva a self-made multi-billionaire. Delek Group is involved in the energy and infrastructure, with investments in upstream and downstream energy, water desalination and power plants. Delek Group' subsidiaries are also involved in insurance and financial services. Delek Group is listed on the Tel Aviv stock exchange under the ticker symbol, DLEKG, and is a member of the TA-35 Index of leading Israeli companies, as of July 2012 two of the group's subsidiaries are also listed on the TA-35 Index, Avner Oil Exploration LP and Delek Drilling LP. The group's USA operations, Delek US Holdings, Inc., are listed on the New York Stock Exchange. On June 22, 2015, The Delek Group agreed to sell a 52% controlling stake of Phoenix Holding company to the Chinese civilian-run conglomerate Fosun International.
BAZAN Group,, is an oil refining and petrochemicals company located in Haifa Bay, Israel. It operates the largest oil refinery in the country. ORL has a total oil refining capacity of approximately 9.8 million tons of crude oil per year. ORL provides a variety of products used in industrial operations, agriculture and transportation.
The Tamar gas field is a natural gas field in the Mediterranean Sea off the coast of Israel. The field is located in Israel's exclusive economic zone, roughly 80 kilometres (50 mi) west of Haifa in waters 1,700 metres (5,600 ft) deep. The Tamar field is considered to have proven reserves of 200 billion cubic metres of natural gas, while the adjoining Tamar South field has 23 billion cubic metres. Together, they may have an additional 84 BCM of "probable" reserves and up to 49 BCM of "possible" reserves. At the time of discovery, Tamar was the largest find of gas or oil in the Levant basin of the Eastern Mediterranean Sea and the largest discovery by Noble Energy. Since Tamar's discovery, large gas discoveries have been made in other analogous geological formations dating back to the Oligocene–Miocene epoch in the Levant basin. Because Tamar was the first such discovery, these gas containing formations have become collectively known as Tamar sands.
Romania has proven natural gas reserves of 726 billion cubic meters and is ranked 30th among countries with proved reserves of natural gas. About 75% of Romania's natural gas resources are located in Transylvania, especially in Mureş and Sibiu counties. The largest natural gas field in Romania is the Deleni gas field discovered in 1912 and located in the Băgaciu commune in Mureş County with proven reserves of 85 billion cubic meters or 3 trillion cubic feet. Other important gas fields include the Filitelnic gas field, the Roman-Secuieni gas field, the Voitinel gas field, the Gherceşti gas field and the Sărmaşel gas field all with reserves larger than 10 billion cubic meters or 350 billion cubic feet. Currently Romania has the third largest natural gas reserves in the European Union just after the Netherlands and United Kingdom.
The Leviathan gas field is a large natural gas field located in the Mediterranean Sea off the coast of Israel, 47 kilometres (29 mi) south-west of the Tamar gas field. The gas field is located roughly 130 kilometres (81 mi) west of Haifa in waters 1,500 metres (4,900 ft) deep in the Levantine basin, a rich hydrocarbon area in one of the world's larger offshore gas finds of the past decade. According to some commentators, the gas find has the potential to change Israel's foreign relations with neighboring countries Turkey, and Egypt. Together with the nearby Tamar gas field, the Leviathan field is seen as an opportunity for Israel to achieve a degree of energy independence in the Middle East. As of 2017, even by conservative estimates, Leviathan holds enough gas to meet Israel's domestic needs for 40 years. The field began commercial production of gas on 31 December 2019.
Cyprus–Israel relations refer to the bilateral relations between Cyprus and Israel. Israel has an embassy in Nicosia, while Cyprus has an embassy in Tel-Aviv. Both countries are members of the Union for the Mediterranean, United Nations, Euro-Atlantic Partnership Council, Organisation for Economic Co-operation and Development, International Monetary Fund, World Bank, and World Trade Organization.
Sara and Myra were two Israeli offshore drilling licenses located west of Netanya, Israel. The licenses expired on July 13, 2015. Exploratory drilling in the license area in 2012 was unsuccessful, but seismic studies indicated the possibility of oil and gas at deeper strata that were not explored.
Aphrodite gas field is an offshore gas field off the southern coast of Cyprus located at the exploratory drilling block 12 in the country's maritime Exclusive Economic Zone. and bordering the Yishai gas field, located in Israeli territorial waters. Located 34 kilometres (21 mi) west of Israel's Leviathan gas field, block 12 is believed to hold 3.6 to 6 trillion cubic feet of natural gas. In 2014, the reserve estimate for the quantity of natural gas held by Aphrodite was raised by 12% due to new data received from the Yishai prospect as reported by Delek Drilling to the Israel Securities Authority. The cost of the field's development was estimated to range from $2.5 billion to $3.5 billion.
The Tanin gas field is a natural gas reservoir located 120 km off the coast of Israel. It is the country's seventh natural gas discovery, located nearby the much larger Leviathan gas field.
The Interconnector Turkey–Greece–Italy (ITGI) is a natural gas transportation project proposed in the framework of the Southern Gas Corridor. It was proposed for the transportation of natural gas from Azerbaijan's Shah Deniz gas field Phase II to markets in Europe via Greece and Italy. The Turkey–Greece pipeline was completed in 2007 while the future of the Greece–Italy pipeline project is unclear due to the competing Trans Adriatic Pipeline.
Most energy in Israel comes from hydrocarbon fuels. The country's total primary energy demand is significantly higher than its total primary energy production, relying heavily on imports to meet its energy needs. Total primary energy consumption was 1.037 quad (304 TWh) in 2016, or 26.2 Mtoe.
The oil and gas industry in India dates back to 1889 when the first oil deposits in the country were discovered near the town of Digboi in the state of Assam. The natural gas industry in India began in the 1960s with the discovery of gas fields in Assam and Gujarat. As on 31 March 2018, India had estimated crude oil reserves of 594.49 million tonnes (MT) and natural gas reserves of 1339.57 billion cubic meters (BCM).
Delek Drilling LP is an Israeli energy Oil & Gas partnership in the exploration, development, and production of Natural Gas and Oil. Delek group owned by Yitzhak Tshuva, is the controlling shareholder of the partnership. The partnership is traded on the Tel Aviv Stock Exchange and is part of the TA 35 Index.
The Eastern Mediterranean pipeline or simply EastMed is a planned offshore/onshore natural gas pipeline, directly connecting East Mediterranean energy resources to mainland Greece via Cyprus and Crete. The project, currently in design, will transport natural gas from the off-shore gas reserves in the Levantine Basin into Greece, and in conjunction with the Poseidon and IGB pipelines into Italy and other European regions. The pipeline will have a length of approximately 1,900 km, reach depths of 3km, and have a capacity of 10 billion cubic meters per year. Construction of the pipeline is expected to take around seven years with an approximate cost of $7 billion. The pipeline is being developed by IGI Poseidon S.A., a 50-50% joint venture between the Greek gas utility DEPA and the Italian gas utility Edison.
