Spanish Union Fenosa in talks to buy 20% of Israeli Tamar gas

Union Fenosa needs gas for its liquid gas export terminal in Egypt.

OIL gas

Spanish gas company Union Fenosa SA (Madrid: UNF) is in talks with the Tamar partners to buy 20% of the natural gas in the field. The Tamar natural gas field partners are Noble Energy Inc. (NYSE: NBL), Delek Group Ltd. (TASE: DLEKG) units Avner Oil and Gas LP (TASE:AVNR.L) and Delek Drilling Limited Partnership (TASE: DEDR.L), Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L) and Alon Natural Gas Exploration Ltd. (TASE: ALGS).

The talks with Union Fenosa were reported in the 2013 financial statements of the Tamar partners.

If the agreement is signed by the Tamar partners, then the natural gas will be exported through Union Fenosa and ENI’s liquid natural gas installation in Egypt.

Such a contract would be worth $1.3 billion annually for the Tamar partners.

The Tamar field contains 10 trillion cubic feet of gas.

Published by Globes [online], Israel business news –

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