facebook
twitter
search
search

Delek updates budget for Tamar field

March 11, 2013 at 6:10 AM
Sign up for our Energy Newsletter

TEL AVIV, Israel, March 11 (UPI) -- The Delek Group said it partners working the Tamar natural gas field off the Israeli coast approved a project budget of around $3.2 billion.

Delek Group and Noble Energy, a company with headquarters in the United States, are among the major offshore players in the Israeli natural gas sector. They estimate the Tamar field holds at least 8 trillion cubic feet of gas.

Delek said that its partners agreed on a budget for the project of $3.2 billion, up from a previous estimate of $3.1 billion.

Delek said gas from Tamar would be exploited using a floating liquefied natural gas facility in a way that doesn't affect the supply of natural gas to the Israeli market. Last month, it signed a heads of agreement deal with Russian gas company Gazprom for the sale of 3 million tons per year of LNG from Tamar.

Israel is looking to diversify a natural gas sector that depends in large part on Egypt. Conflict in the Sinai Peninsula has disrupted Egyptian gas deliveries.

Related UPI Stories
Latest Headlines
Trending Stories
Walgreens to sell heroin overdose antidote naloxone without prescription
Hospital mortality drops with lower patient-to-nurse ratio
Kanye West under fire after Bill Cosby tweet
Plus-size model Ashley Graham nabs Sports Illustrated swimsuit spread
IKEA issues recall after glass ceiling lamps crash to ground