February 12, 2012 3:06 PM SAST
Noble Energy-Led Consortium Signs $680 Million Natural-Gas Deal in Israel
Noble Energy-Led Consortium Signs $680 Million Natural-Gas Deal in Israel
The U.S.-Israeli consortium developing the Tamar natural-gas field off Israel's coast said on Sunday it had signed a 15-year deal to supply an Israeli power-plant operator with an estimated $680 million worth of gas.

Isramco Negev, a partner in the exploration group, said the deal was reached with Mashav Initiatives and Development, a subsidiary of Clal Industries that runs a power plant in central Israel.
The latest in a series of agreements the Tamar group has recently announced, the deal is for as many as 0.2 billion cubic meters of gas each year starting in the second half of 2013, when the offshore field is expected to begin production.
Isramco estimated the deal at $680 million, but said the value could fluctuate depending on gas prices and the final amount of gas Mashav buys.
Mashav is planning to expand its plant, but if it chooses not to do so, then it may buy less gas, Isramco said.
The deal is dependent on a number of conditions, including the Tamar group's ability to secure the remaining finances to develop the field, which has an estimated 9.1 trillion cubic feet of reserves.
Isramco holds a 28.75 percent stake in Tamar. Houston-based Noble Energy Inc., operator of the field, holds 36 percent; Israel's Delek Energy, through two subsidiaries, holds 31.25 percent; and Dor Gas Exploration holds 4 percent.
Last month, the consortium announced a $750 million deal to sell gas to Hadera Paper and contracts to supply Ramat Negev Energy Ltd. and Ashdod Energy Ltd. worth about $1.2 billion.
- Oil Price Set to Roll? Iranian Finance Minister Predicts Oil Price Rise Post Sanctions
- Drive From The Rising Sun: Why Japan's Car Companies Are Moving Manufacturing Overseas
- Israel: Tel Aviv Petrol Bombs Attack on African Migrants as Tensions Intensify
- Israel's Zoological Spies: Mossad's Bee-Eater Spy, 'Jewish Jaws' and the Rat-Trap
- Israel’s Netanyahu Sees No Evidence Iran Will Give Up Nuclear Program
- Iran’s President Ahmadinejad Hoping for Tickets for the London Olympics 2012
- Israeli Army Opens Fire On Palestinians Near Gaza Border
- Mary Kennedy Suicide: The Curse of the Kennedy Clan
- U.S. Ready To Strike Iran: Ambassador To Israel
- Brent Falls Below $109, Greek Fear Weighs


