The partners in the Tamar natural gas field have signed a contract with IPP Delek Sorek, a unit of Delek Group, to supply IPP with a total of 3.3 billion cubic meters (bcm) over a 15-year period. The deal is worth about US $ 750 million.
“The supply of natural gas is expected to commence in the beginning of the first quarter of 2016 for the period of over 15 years or up until the contracted quantity has been utilized, with an option to extend for an additional two years, if after 14 years from the start of the commercial natural gas supply, the quantities as stipulated in the agreement have not yet been supplied,” Delek said in a statement.
Noble Energy operates Tamar with a 36 percent working interest. Other interest owners are Isramco Negev 2 with 28.75 percent, Delek Drilling with 15.625 percent, Avner Oil Exploration with 15.625 percent, and Dor Gas Exploration with the remaining four percent.
The Tamar field has an estimated 10 trillion cubic feet of discovered natural gas resources.
LNG World News Staff, March 10, 2014; Image: Noble Energy