Tamar Partners Sign $1.2 billion Contract With Private Power Firms

Date : 01/10/2012 @ 7:30AM
Source : Dow Jones News
Stock : Noble Energy Inc. (NBL)
Quote : 28.64  -0.38 (-1.31%) @ 4:00PM

Tamar Partners Sign $1.2 billion Contract With Private Power Firms

Noble (NYSE:NBL)
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U.S. energy company Noble Energy Inc. ((NBL.NYSE) and its local partners said Tuesday they signed a contract worth $1.2 billion to supply natural gas from Israel's offshore Tamar field to two private energy companies.

The Israeli power companies Ramat Energy Negev Ltd. and Ashdod Energy Ltd., which both run private power stations, will be provided with natural gas from the Tamar partners for 16 years, beginning in 2014, according to the deal.

This contract follows a $5 billion agreement signed Monday in which the Tamar partners will provide private company Dalia Power Energies Ltd. with natural gas for 17 years.

The Tamar field is estimated to contain up to 9 trillion cubic feet of natural gas and is expected to begin production at the end of this year.

Noble Energy owns 36% of Tamar; Delek Group Ltd. (DLEKG.TV) subsidiaries Avner Oil and Gas Exploration Ltd. Partnership (AVNRL.TV) and Delek Drilling Ltd. Partnership (DEDR.TV) each own 15.6%; and Isramco Negev 2 Ltd. Partnership (ISRAL.TV) owns 28.7%.

At 1138GMT, shares of Avner were up 0.102 shekels, or 3.93%, at ILS2.69 ($0.70); shares of Delek Drilling were up ILS0.49, or 3.30%, at ILS15.34; and shares of Isramco were up ILS0.008, or 1.62%, at ILS0.50, in a higher Tel Aviv market.

-By Sara Toth Stub, Contributing to Dow Jones Newswires, saratoth@gmail.com

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