Gas deal could spur Noa development

Offshore staff

TEL AVIV, Israel -- The partners in the Yam Tethys project, involving gasfield developments off southern Israel, have agreed a further sale of gas to Oil Refineries Ltd (ORL).

Under the arrangement, ORL will purchase 1.2 bcm (42.3 bcf) of gas from the Yam Tethys partners Noble Energy Mediterranean, Avner Oil Exploration, and Delek Investments and Properties. The estimated transaction price is $350 million, although this could change, depending on crude oil price movements or ORL’s future gas demands.

Further to this agreement, the partners are now considering development of the Noa offshore gas field.

05/25/2011

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