Energean plc (LSE: ENOG; TASE: ENOG), led by CEO Mateus Rigas, announced this morning that it has signed a binding memorandum of understanding to supply 12 billion cubic meters of natural gas to Dalia Energy and Eshkol Energy. Plants.
The duration of the agreement being finalized is approximately 18 years, and its value is estimated at more than $2 billion. This comes as part of Energean’s strategy to sign long-term contracts with major local customers, according to the company.
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Dalia Energy Company is controlled by the Kibbutz Energy Company. About six months ago, in June 2024, it took ownership of the Eshkol Power Plant, previously owned by the Israel Electric Corporation, for NIS 9 billion, after a complex and controversial tender process.
In addition to the gas sale, Energean also announced a major financing deal with Bank Leumi, for a $750 million loan over 10 years, with a variable interest rate. The loan will provide the company with financial flexibility, especially in managing its current debt cycle, which is expected to mature in March 2026.
Energean also reported that it met its 2024 production guidance and issued a 2025 forecast of between 120,000 and 130,000 barrels of oil equivalent per day in Israel. In addition, development of the Catalan gas field is progressing as planned, with production expected to begin in the first half of 2027.
Published by Globes, Israel Business News – en.globes.co.il – on January 23, 2025.
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