Greece’s Energean Oil & Gas signed a $148.5m deal to purchase Israel’s natural gas fields Karish and Tanin.  They jointly contain about 58.7bcm of gas and 14.3m barrels of condensate, New Europe reported.

Tanin and Karish fields were discover in 2011 and 2013, respectively.  Located in the north of Israel’s exclusive economic zone, the two reservoirs have potential to increase output by approximately 25.6bcm of gas and 4.3m barrels of condensate, according to The Jerusalem post.

Energean’s Chairman and CEO, Mathias Rigas, said “we are very pleased to gain a foothold in Israel, a strategic market for us, and to sign a deal that will lead to the development of Karish and Tanin.”

Delek Drilling and Avner, part of Israel’s leading integrated energy company, sold 100% for their shares in the fields. This comes as part of the country’s Gas Framework that was setup to settle disagreements between developers and the Israeli government, following a dispute with the antitrust commissioner.