Reuters: Israel Tamar gas field partners aim for exports to Egypt LNG plant
The partners in Israel's Tamar natural gas field said on Tuesday they had signed a letter of intent with Union Fenosa Gas to export up to 2.5 trillion cubic feet (tcf) of gas over 15 years to a liquefied natural gas (LNG) plant in Egypt.
Tamar was discovered in the eastern Mediterranean in 2009 and holds an estimated 10 tcf of gas. The larger Leviathan field was discovered nearby a year later and turned Israel into a potential energy exporter.
Union Fenosa Gas has a stake in an LNG facility in Egypt's Damietta LNG plant. The plant stopped operating last year due to a lack of gas supply since the Egyptian government began keeping its natural gas to meet surging domestic demand rather than sending it to the plant for export.
Texas-based Noble Energy, which has a 36 percent stake in Tamar, said both sides hope to finalise a binding agreement within six months, though any deal will require regulatory approvals in Israel and Egypt.