Energean signs $0.9bn Israel gas supply deal

Energean Oil and Gas said it had signed a $900m, 19 year gas sales deal with IPM Beer Tuvia Ltd.

The contract is subject to necessary approvals and contingent on results of the company's 2019 drilling programme, which includes the drilling of four wells in Israel.

IPM is an independent power producer that will supply the national power grid and large private consumers with power, Energean said, adding that it was building a new power plant that is due to start operating in the second half of 2020, and gas purchased from Energean will provide part of its gas needs.