Noble Energy Signs $15 Billion Gas Sales Agreements with Egypt’s Dolphinus
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Noble Energy has signed two long-term gas sales agreements, worth $15bn in total, to export gas produced from the Leviathan and Tamar fields offshore Israel to private Egyptian firm Dolphinus.
As per the agreements, Noble Energy and its partners will sell about 1.15 trillion cubic feet of natural gas produced from each of the Leviathan and Tamar fields to Dolphinus.
Noble Energy said that the gas sales from the Leviathan field are expected to commence at a firm rate of approximately 350 million cubic feet of natural gas per day (MMcf/d). The project is scheduled to enter production phase at the end of 2019.
The sales volumes for the Tamar field are anticipated to begin at an interruptible rate of up to 350 MMcf/d, Noble noted.
Noble Energy Operations Executive Vice President Gary Willingham said: “At Leviathan, we have executed agreements totaling nearly 900 MMcf/d and are closing in on our targeted sales volume amount of 1 Bcf/d.
“For Tamar, we now have a contract to sell any excess gas beyond current customer needs in Israel and Jordan to Egypt.”
Commenting on the gas export deals, Israel Prime Minister Benjamin Netanyahu said: “This will put billions into the state treasury to benefit the education, health and social welfare of Israel’s citizens.”
The two deals are subject to closing obligations including regulatory approvals and licenses, as well as finalizing gas transportation agreements.
Located in the eastern Mediterranean Sea area off the coast of Israel, the Leviathan field is estimated to hold 18 trillion cubic feet (tcf) of natural gas reserves.
Noble Energy operates the field with 39.66 percent stake while other partners include Delek Drilling and Avner Oil Exploration each with 22.67 percent stake as well as Ratio Oil Exploration with 15 percent interest.
Located in the Levantine basin of the Eastern Mediterranean Sea, Tamar field is estimated to hold gas reserves of 10 tcf.
Noble Energy operates the field with 36 percent stake while other partners include Isramco Negev 2 with 28.75 percent interest and Dor Gas Exploration with 4 percent stake.
Additionally, two of Delek Group’s subsidiaries including Delek Drilling and Avner Oil Exploration hold 15.625 percent stakes each in the field.
Source: Energy Business Review
To stop by Noble Energy’s website, CLICK HERE
To stop by Dolphinus’ website, CLICK HERE
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