Energean Oil and Gas has signed a 19-year gas sales and purchase agreement with I.P.M. Beer Tuvia (IPM) for the supply of 5.5 billion cubic metres (bcm) of gas from its Karish and Tanin FPSO located offshore Israel.

The contract will be executed following the receipt of approval for a drilling programme comprising four wells next year. The Karish and Tanin FPSO will have a capacity to process 8bcm of gas a year.

The gas will be supplied to a new power plant being developed by IPM, which is expected to start operations in the second quarter of 2020.

Energean is a UK-based oil and gas exploration and production company, while IPM is an Israeli energy company.

Chevron has awarded an $830m drilling contract to Transocean to provide its new deepwater drillship.

The new drillship is one of two being constructed at the Jurong shipyard in Singapore. It will be capable of operating at 20,000psi and include a 3Mlb net hook-load capacity and a 165t active heave compensating crane. The rig is expected to commence operations in 2021.

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By GlobalData
“The acquisition will enable OMV to expand its hydrocarbons resources by 100 million barrels of oil equivalent.”

The contract comprises a five-year drilling agreement, along with the design and construction management of the rig.

Chevron is a US-based energy company, while Transocean is a Swiss offshore drilling firm.

Royal Dutch Shell has completed the $578m divestment of its upstream assets in New Zealand to OMV.

The divested assets include a 48% interest in the Pohokura field, an 83.75% interest in the Maui field, and Tank Farm assets.

The acquisition will enable OMV to expand its hydrocarbons resources by 100 million barrels of oil equivalent.

The deal also included the operatorship and divestment of a 60.98% interest in the Great South Basin exploration block (GSB) to OMV, which were signed under a separate agreement.

Shell is a British-Dutch oil and gas company, while OMV is an integrated oil and gas company based in Austria.