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.

Market Research

The International Affairs Institute (IAI) and OCP Policy Center recently launched a new book: The Future of Natural Gas. Markets and Geopolitics.

Cover_242-width

The book is an in-depth analysis of some of the fastest moving gas markets, attempting to define the trends of a resource that will have a decisive role in shaping the global economy and modelling the geopolitical dynamics in the next decades.

Some of the top scholars in the energy sector have contributed to this volume such as Gonzalo Escribano, Director Energy and Climate Change Programme, Elcano Royal Institute, Madrid, Coby van der Linde, Director Clingendael International Energy Programme, The Hague and Houda Ben Jannet Allal, General Director Observatoire Méditerranéen de l’Energie (OME), Paris.

For only €32.50 you have your own copy of The Future of Natural Gas. Markets and Geopolitics. Click here to order now!


 

Upcoming Conferences
« April 2019 »
April
MoTuWeThFrSaSu
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30

Register to announce Your Event

View All Events