The partners in the Tamar natural gas field have signed another contract, this time with IPP Delek Sorek Ltd., controlled by Delek Group Ltd. (TASE: DLEKG). In a notice to the Tel Aviv Stock Exchange (TASE) this morning, Tamar’s Israeli partners – Avner Oil and Gas LP(TASE: AVNR.L), Delek Drilling LP (TASE: DEDR.L), Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L), and Alon Natural Gas Exploration Ltd. (TASE: ALGS) – announced that they had committed to supply IPP with 3.3 billion cubic meters (BCM) of natural gas.
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IPP was given an option to reduce the minimum amount of gas delivered annually by 50% of the average gas flow in the three years preceding the exercise of the option, subject to adjustments set out in the agreement. With the reduction in the minimum annual amount of annual gas, the other quantities stated in the agreement will be reduced accordingly.
The partners in Tamar estimate that the cumulative revenue from the sale of natural gas to IPP could reach $750 million.
Published by Globes [online], Israel business news – www.globes-online.com