Jordanian companies Arab Potash and Jordan Bromine secured a total gross quantity of 66 billion cubic feet of natural gas from the Tamar field, located off the Israeli coast. Noble Energy, which holds a 36 percent working interest in the project, said in a statement gross revenues are estimated at $500 million.
Keith Elliott, a senior vice president for eastern Mediterranean developments, said the deal lays the foundation for the future of offshore Israel.
"The execution of this agreement evidences the growing regional opportunities for our natural gas and brings forward value for the Tamar asset," he said Wednesday.
Jordan in the past has struggled to find a reliable source of natural gas in part because of downstream problems in Egypt. The partners managing Tamar estimate the field holds as much as 10 trillion cubic feet of natural gas.
Noble, which has headquarters in Houston, has a controlling interest in the project alongside its Israeli partners, Delek Drilling Ltd. and Avner Oil Exploration.