Energean’s floating production unit (FPSO) at the Karish gas field in the Mediterranean Sea.
Energean has signed a new long-term agreement in Israel: up to 7.7 billion cubic meters of gas for the Sorek power plant over approximately 15 years. The company estimates future revenue from the contract to be approximately $1.4 billion.
Energy company Energeancreated in Greece and today operating in the Eastern Mediterranean markets, has signed a major contract for the supply of natural gas to Israel.
The agreement was concluded with Sorek Energy Power Plant Ltd and is designed for approximately 15 years.
The total contract volume is up to:
7.7 billion cubic meters of gas.
Energean estimates total contract revenue to be approximately:
$1.4 billion
Deliveries will begin after the launch of the new power plant
The gas is intended for the new Sorek class power plant H-classwhich is expected to launch around the end 2029.
From the moment the plant comes into operation, Energean must supply up to:
0.5 billion cubic meters per year.
From September 2035, the maximum annual volume will increase to:
0.6 billion cubic meters.
The contract also provides for price indexation, a minimum price and a mechanism take-or-payin which the buyer is obliged to pay for a certain minimum volume of gas regardless of actual consumption.
Energean strengthens its position in the Israeli market
The new contract complements already signed agreements with major energy projects Kesem And Dalia II.
According to the company itself, the three projects together provide more than:
$5 billion in future contract revenue.
Energean’s contract portfolio in Israel over a horizon of approximately two decades is already valued at approximately $20 billion. :contentReference[oaicite:0]{index=0}
The main source is the Karish deposit
Energean’s key asset in Israel remains the gas field Karish and floating production unit Energean Power FPSO.
In the first half of 2026, production in Israel was temporarily stopped for 41 days due to the military conflict with Iran. After the resumption of production, the company reported a recovery in production volumes.
Despite the shutdown, Energean ended the first half of the year with a net profit of approximately $160 millionwhich is approximately 45% more than a year earlier. :contentReference[oaicite:1]{index=1}
Why is this interesting for Greece?
Although the contract relates to the Israeli market, Energean remains a company with strong Greek roots while expanding its activities directly in Greece.
Group CEO Matios Rigas confirmed that together with ExxonMobil the company expects to begin exploratory drilling in Greece Block 2 at the end of next spring. :contentReference[oaicite:2]{index=2}
In this way, Energean is simultaneously strengthening long-term gas sales in Israel and preparing new exploration projects in Greek waters.
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