Tamar partners to sign $750 million natgas deal with Israel's Delek

Mar 09, 2014 12:00 AM

The partners in Israel's Tamar natural gas field said on Sunday they expect to sign a deal in the next few days to supply about $750 million worth of gas to IPP Delek Soreq, which is building a power plant in Israel.

A total of 3.3 billion cubic meters (bcm) will be sold over 15 years - or when IPP Delek Soreq consumes the amount of gas in the contract - starting in the first quarter of 2016, according to a statement to the Tel Aviv Stock Exchange. The contract may be extended by two more years if after 14 years the quantity has not been fully used.

Photo - see caption

Tamar, discovered in 2009 off Israel's Mediterranean coast, is estimated to hold more than 280 bcm of gas. It began production a year ago and has already signed a number of lucrative deals in Israel.

Texas-based Noble Energy has a 36 percent stake in the field. Delek Group, through its units Avner Oil Exploration and Delek Drilling, holds a 31.25 percent share. Isramco Negev has 28.75 percent and Dor Gas Exploration holds the remaining 4 percent. IPP Delek Soreq is controlled by Delek Group.

Last month, the Tamar partners agreed to sell at least $500 million of gas to two Jordanian companies in the first deal outside of Israel.

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