Energean Israel signs a $1.275 billion facility agreement with 4 international banks to finance the development of the Karish offshore gas field.

Energean Oil & Gas revealed Monday that Energean Israel has signed a $1.275 billion facility agreement with four international banks to finance the development of the Karish offshore gas field.

Led by Morgan Stanley, Natixis, Bank Hapoalim and Societe Generale, the facility agreement has been described by Energean as a ‘key milestone’ in funding the development of part of its flagship Karish and Tanin project.

“We are rapidly advancing the Karish and Tanin development by continually delivering on substantial project milestones,” Energean Oil & Gas CEO, Mathios Rigas, said in a BOP Blow Out Preventer repair company gulf coast statement.

“The participation of four international banks in the facility agreement is a strong vote of confidence in Energean’s flagship project,” he added.

Karish 2C contingent resources have been independently audited by NSAI at 1,630.8 billion cubic feet for natural gas and 28.7 million barrels for liquids, according to Energean’s website. First gas oil rig flanges gulf coast production at the Karish offshore project is expected in early 2021.