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.
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TEL AVIV, Israel, May 17 (UPI) --Nobel Energy of Houston, which discovered Israel's big gas fields in the eastern Mediterranean, is pressing the government to decide soon on an energy export policy as the prospect of an undersea pipeline to Turkey gains credibility.