With respect to the Tamar agreement, sales volume is expected to start at an exchange rate of 350 Mcf/d, depending on the availability of gas that goes beyond the commitments made by customers in Israel and Jordan. Noble Energy will have the option to convert the switchable amount of Tamar on a fixed basis, with a significant obligation to recover or pay. Both contracts have a term of ten years. Houston, February 19, 2018 (GLOBE NEWSWIRE) — Noble Energy, Inc. (NYSE: NBL) (“Noble Energy” or “Company”) announced today that it has signed agreements to sell significant quantities of natural gas from the Leviathan and Tamar fields to Dolphinus Holdings Limited for the supply of gas in Egypt. These agreements, one for natural gas from Leviathan and the other for Tamar, each provide for a total volume of 1.15 trillion cubic feet of natural gas. Natural gas is intended to supply industrial and petrochemical customers as well as future electricity generation in Egypt. “According to the Company`s estimates, the current agreement is expected to reduce the cost of the company`s gas purchase in the range of $145-175 million based on the company`s estimates for the quantities actually consumed under the agreement. Sales volume under the Leviathan field agreement is expected to begin at a fixed rate of approximately 350 million cubic feet of natural gas per day (MMcf/d) when the Leviathan project is commissioned at the end of 2019. “The magnitude of the savings can vary and increase depending on the amount of gas actually consumed by the company, because the final price agreed in the agreement to be signed will be lower,” says the IEC. Delek Drilling LP (TASE: DEDR. L) announced today that Leviathan`s partners have signed a contract with Israel Electric Corporation (CEI) (TASE: ELEC).
B22) 4 billion cubic metres of natural gas for sale over two years. The agreement is valued at $700 million. RELATED Exxon ARTICLES in conversations about the Léviathan floating LNG platform – Report IEC agrees to buy 4 BCM gas from leviathan partners the announcement said that natural gas delivery will begin when gas from the huge Leviathan gas lie during the last quarter of 2019 until the first half of 2021. During the duration of the agreement, CEI will purchase natural gas from Leviathan`s partners, as needed and beyond the gas deliveries it receives from Tamar`s partners. The purchase will be based on Leviathan`s available capacity, without the quantities of gas-related gas being reserved in advance. The IEC estimates that this new agreement will save $175 million over two years compared to the purchase of other energy sources. Yossi Abu, CEO of Delek Drilling, said: “With the signing of the natural gas sale contract to the CIS, the natural gas production capacity of the Leviathan development is almost entirely taken into account in the first phase. The supply of natural gas sources from both the Tamar field and the Leviathan field will ensure the energy security of the State of Israel and allow the CIS to reduce electricity generation from polluting coal and reduce its energy costs, and the overall benefit will benefit Israeli citizens. By signing the agreement, the Leviathan field is taking another step in consolidating it as the region`s main energy anchor, and we are working hard to sign other sales contracts. Published by Globes, Israel Wirtschaftsdrichten – en.globes.co.il – June 12, 2019 © Copyright of Globes Publisher Itonut (1983) Ltd. 2019 The duration of the leviathan agreement is also from October 2019 or from the start of gas supply from the Leviathan field until the beginning of June 2021, or the start of gas production from the Karish field operated by Energegean – expected in mid-2021.