IN BRIEF: Energean signs $2 billion gas deal with Kesem Energy
Energean PLC - London-based energy production, development and exploration company and possesses a portfolio of assets across the Mediterranean and UK North Sea - Says its Israel unit, Energean Israel Ltd, has signed a gas supply deal with Kesem Energy Ltd worth more than $2 billion.
The gas sale and purchase agreement covers around 12.5 billion cubic metres over 17 years, with deliveries to begin intermittently before mid-2030s, and around 1 billion cubic metres per year once Kesem’s new power plant is operational.
Energean said the deal includes floor pricing, take-or-pay terms and indexation not linked to Brent crude, in line with its other long-term contracts. The company says it now has about $20 billion in contracted revenue over the next 20 years.
Current stock price: 810.00 pence, up 3.9% in London on Monday
12-month change: down 22%
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