Delek Sells Karish and Tanin Fields Rights for $90M

Karish and Tanin fields are operated by Energean / The image shows the fields' development plan - Credit: Energean
Karish and Tanin fields are operated by Energean / The image shows the fields' development plan - Credit: Energean

Israel's Delek Group said on Monday it agreed to sell its rights to royalties from oil and gas produced at the Karish and Tanin fields, which are held by Energean, for 318 million shekels ($90 million).

The sum will be divided between Delek and its subsidiary Delek Energy.

The group has been hard hit by the drop in energy prices and has been selling assets to raise funds and appease bondholders.

The purchaser of the royalties, which Delek did not name, will deposit 50 million shekels with a joint trustee close to the signing of the agreement. 

The rest will be paid in cash upon completion of the deal, which is subject to approval from the Petroleum Commissioner at the Ministry of Energy.

Delek sold its rights in the Karish and Tanin fields off Israel's coast to Energean in 2016. ($1 = 3.5224 shekels) 

(Reporting by Tova Cohen Editing by Steven Scheer)

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