Noble Energy announces letter of intent with
Noble Energy announces letter of intent with Union Fenosa Gas For The Export Of Tamar Natural Gas To Existing LNG Facility (NBL) : Co announced the execution of a non-binding Letter of Intent (LOI.V) between the Tamar field partners and Union Fenosa Gas SA
UFG) for the supply of natural gas from Tamar, offshore Israel, to UFG's existing natural gas liquefaction facilities in Egypt. The LOI contemplates a contract term of 15 years and a total gross sales quantity of up to 2.5 trillion cubic feet (Tcf) of natural gas, or ~440 million cubic feet per day over the period.
The price for the natural gas sold will be similar to the contract price in other natural gas sales and purchase agreements for regional export sales from Israel and is based mainly on a linkage to Brent oil prices. All parties are targeting to finalize a binding agreement within a period of six months, which will be subject to the receipt of regulatory approvals in Israel and Egypt. Noble Energy operates Tamar with a 36% working interest. Other interest owners are Isramco Negev 2 with 28.75 percent, Delek Drilling with 15.625%, Avner Oil Exploration with 15.625 percent, and Dor Gas Exploration with the remaining 4%. The Tamar field has an estimated 10 Tcf of discovered natural gas resources.
4:30 p
Noble Energy announces letter of intent with Union Fenosa Gas For The Export Of Tamar Natural Gas To Existing LNG Facility (NBL) : Co announced the execution of a non-binding Letter of Intent (LOI.V) between the Tamar field partners and Union Fenosa Gas SA
UFG) for the supply of natural gas from Tamar, offshore Israel, to UFG's existing natural gas liquefaction facilities in Egypt. The LOI contemplates a contract term of 15 years and a total gross sales quantity of up to 2.5 trillion cubic feet (Tcf) of natural gas, or ~440 million cubic feet per day over the period.The price for the natural gas sold will be similar to the contract price in other natural gas sales and purchase agreements for regional export sales from Israel and is based mainly on a linkage to Brent oil prices. All parties are targeting to finalize a binding agreement within a period of six months, which will be subject to the receipt of regulatory approvals in Israel and Egypt. Noble Energy operates Tamar with a 36% working interest. Other interest owners are Isramco Negev 2 with 28.75 percent, Delek Drilling with 15.625%, Avner Oil Exploration with 15.625 percent, and Dor Gas Exploration with the remaining 4%. The Tamar field has an estimated 10 Tcf of discovered natural gas resources.
4:30 p