As part of this effort, Energean intends to submit a development plan for both the fields to the Israeli Government in mid-2017.

The Karish and Tanin fields are located in the north of Israel’s exclusive economic zone (EEZ) and in water depths exceeding 1,700m.

The offshore fields, which are expected to commence production in 2020, are estimated to hold combined gas resources of 2.4 trillion cubic feet (tcf) and more than 20 million barrels of light oil.

The Karish field development involves drilling of three-four wells while Tanin development will include drilling of two-three wells, reported OE Digital.

Energean CEO Mathios Rigas said: “We are delighted to be progressing strongly towards the development of a world class asset with 2.4 tcf of natural gas, which will bring diversification of supply and competitive prices to the Israeli domestic market.

“With the continued support and swift decision making of the Israeli Government and the cooperation of other stakeholders in the country, we are ready to proceed as quickly as possible with the development of the fields.”

Rigas was reported by Reuters as saying that the firm is required to secure sales contracts for 3 billion cubic meters of gas annually and also secure development plan approval from the the Israeli government prior to making final investment decision scheduled in December.

Energean acquired the two fields from Delek Drilling and Avner in August 2016. The leases for the two fields, 100% owned by Energean, will be expired in 2044.