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Delek, Noble sign accords for $15b in sales of Israeli natural gas to Egypt By SHOSHANNA SOLOMON
Partners in the offshore Tamar and Leviathan fields ink deals with Egypt’s Dolphinus Holdings Ltd. for the sale of some 64 billion cubic meters over coming decade
Illustrative photo of a natural gas field in the Mediterrane Delek, Noble sign accords for $15b in sales of Israeli natural gas to Egypt By SHOSHANNA SOLOMON
The partners in Israel’s Tamar and Leviathan natural gas fields, including a unit o Seaf US Noble Energy Inc and Delek Drilling LP, have signed $15 billion in deals to export natural gas to Egypt over 10 years.
In a filing to the Tel Aviv Stock Exchange on Monday, Delek Drilling LP, a partner in the Tamar and Leviathan fields offshore Israel, said Noble Energy Mediterranean and its partners in the fields have signed accords with Egypt’s Dolphinus Holdings Ltd. for the sale of some 64 billion cubic meters of natural gas from the two fields.
One accord calls for the sale of 3.5 BCM of natural gas annually from the Leviathan field, for a total of 32 BCM, the filing said, with the partners estimating the total revenues from the sale from the Leviathan field to reach $7.5 billion.
In addition, the partners said they signed an additional accord for the sale of natural gas from the Tamar field, for a total of 32 BCM and some $7.5 billion.
Delek said the partners were considering various options for the supply of the gas to Egypt, including via a Jordanian-Israeli pipeline that is currently being built or the use of the existing East Mediterranean Gas pipeline. Delek Drilling and Noble plan to start negotiations with EMG for the use of the pipeline to Egypt, the companies said in a separate, emailed statement.
Another option is to transport the gas to Egypt by connecting the Israeli transmission system to its Egyptian counterpart, the statement said.
Supply from Tamar will start as soon as the infrastructure for its transport is in place, the companies said, while that from Leviathan will start as soon as production starts from the well. Supply will continue until the amounts agreed upon are supplied or until December 2030, whichever comes first, the companies said.
Prime Minister Benjamin Netanyahu called the deal with the Egyptian firm “historic” and said it would yield billions for state coffers for the benefit of education, health and welfare.
The deals with Egypt are the first for the fields, and come on the heels of two other accords the partners signed with neighboring countries: Natural gas from Tamar has been exported since the start of 2017 to a Jordanian chemicals manufacturing plant on the Dead Sea, while the Leviathan partners have also signed a deal for the sale of gas to the Jordanian electric company NEPCO. The accord was signed during 2016 and the supply of the gas is expected to start by the end of 2019, the companies said in the statement.
“We are at an important milestone on the road to realizing our collective vision and dream of making Israel a significant exporter of gas to countries in the region,” said Yitzhak Tshuva, the controlling shareholder of Delek Group, which controls Delek Drilling. “The agreement will strengthen the relationships between Israel and its neighbors and increase economic cooperation between them.”
Dolphinus is a natural gas trade company which is planning to supply gas to large industrial and commercial consumers in Egypt.
Noble Energy holds 39.66 percent of Leviathan and a 32.5% stake in Tamar. Delek Drilling holds 45.34% stake in Leviathan and 22% stake in Tamar. Ratio Oil Exploration (1992) Ltd. Partnership holds a 15% stake in Leviathan. Isramco Negev 2 LP holds a 28.75% stake in Tamar.
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Iraqi Shi’a cleric Muqtada al-Sadr, May 17, 2018. Photo: Reuters / Alaa al-Marjani / File.
Shi’a cleric Muqtada al-Sadr said on Saturday that Jews could return to Iraq if they “demonstrated loyalty,” the Hebrew news site Walla reported.
The 44-year-old Sadr heads the Saairun coalition, which won the most seats in the Iraqi parliamentary election last month.
His comment on Jews came in response to a question asked by a supporter, the Walla report said.
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Iran’s base in southern Syria, as photographed by satellite imagery, in October 2017. (Screenshot)
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A CONSPIRACY THEORY ABOUT A CONSPIRACY THEORY by Daniel Greenfield
Daniel Greenfield, a Shillman Journalism Fellow at the Freedom Center, is an investigative journalist and writer focusing on the radical left and Islamic terrorism.
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The Jewish community is in danger and so is the Free World as we know it. THE CONFLICT BEYOND ADVOCACY
The Jewish community is in danger and so is the Free World as we know it.
Reprinted from IsraelNationalNews.com.
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