TEL AVIV, Israel, March 10 (UPI) -- Partners operating the Tamar gas field off the Israeli coast said Monday a deal is in the works to sell gas to a company building an Israeli power plant.
Israeli energy company Delek Group said its board of directors authorized managers to sign a take-or-pay deal with its partners at the Tamar field with subsidiary Delek Soreq, which is building the plant, "in the coming days."
Delek Group said Monday the $750 million deal is for 116 billion cubic feet of natural gas.
"The supply of natural gas is expected to commence in the beginning of the first quarter of 2016 for the period of more than 15 years or up until the contracted quantity has been utilized," Delek Group said in a statement Monday.
Noble Energy, which has headquarters in Texas, holds a 36 percent stake in the Tamar field. Delek and its subsidiaries hold 31.25 percent. Israel's Isramco Negev holds 28.75 percent and services contractor Dor Gas Exploration holds the rest.
The partners managing Tamar estimate the field holds as much as 10 trillion cubic feet of natural gas. Last month, they announced Jordanian companies Arab Potash and Jordan Bromine secured a total gross quantity of 66 billion cubic feet of natural gas from the field.