Israeli Natural Gas Deal With Egypt on Front Burner
Just two years after the natural gas pipeline from Egypt was put out of action by saboteurs, the roles have been reversed as Israel is about to become the gas supplier for Egypt, The Jerusalem Post reported.
The Tamar reservoir partners have signed a letter of intent with Spanish firm Union Fenosa Gas to supply natural gas to existing gas liquefaction facilities in Egypt.
The deal calls for a 15-year contract with a total gross sale quantity of up to 2.5 trillion cubic feet (71 billion cubic meters) of natural gas — or 440 million cubic feet per day during the time period, a statement from Noble Energy, the largest stakeholder in the reservoir, said.
Due to the cessation of Egyptian gas supply and the depletion of Israel’s own resources, the country was relying on more polluting, expensive fuels. Tamar began providing gas to the domestic Israeli market only in March 2013.
Houston-based Noble Energy holds 36% of the 282 billion cubic meter Tamar basin; Delek Drilling and Avner Oil Exploration — both subsidiaries of the Delek Group — each own 15.625%; while Isramco owns 28.75% and Dor Gas owns 4%.
This article appeared in print on page 18 of edition of Hamodia.
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