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Egypt Partners up with Israel on Gas Deal Print E-mail
by Tom McGregor    Mon, May 19, 2014, 08:08 PM

Isreal and Egypt are working together on a major offshore drilling gas deal.

The Houston Chronicle report that, "A deal to pipe natural gas from Israel’s Tamar gas field to Egypt may spur development of a larger reserve nearby, benefiting partners in both discoveries. Noble Energy of Housto said earlier this month it signed a non-binding agreement of intent to sell offshore gas from Tamar to Union Fenosa Gas SA’s liquefied natural gas plant in Egypt, which will export it. Shares in Noble’s Israeli partners in Tamar — Delek Drilling LP, Avner Oil Exploration LP and Isramco Negev 2 LP — rose to record highs after an oversubscribed $2 billion May 11 bond offer to develop the Leviathan field to the north."

Gul Bashan, an analyst at IBI Israel Brokerage and Investments Ltd., is quoted as saying that, “This is the first step toward exporting Israeli gas outside the immediate regional markets like Jordan and the Palestinians.”

According to the Houston Chronicle, "Plans for Leviathan have stalled over Israeli regulatory issues and geopolitical complications, including whether to build an underwater pipeline to onetime ally Turkey to export the gas to Europe. Woodside Petroleum Ltd., Australia’s second- largest oil producer and a specialist in LNG production, has wavered over buying a stake worth as much as $2.6 billion, voicing concern over possible changes in Israeli tax and regulatory policies."

Israel hopes to become a major energy exporter of natural gas.

To read the entire article from the Houston Chronicle, link here:

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