Isramco Negev 2 LP (ISRA.L.TV), one of the partners in the Tamar natural gas field offshore Israel, said Monday the partners in the project are close to obtaining loans for $750 million to help with production of gas from the field.
Isramco Negev 2 LP (ISRA.L.TV), one of the partners in the Tamar natural
gas field offshore
Israel
, said
Monday the partners in the project are close to obtaining loans for $750
million to help with production of gas from the field.
Isramco said that the partners were close to signing agreements for a $350
million bridge loan and another $400 million loan. Isramco owns a 28.7% stake
in Tamar, which is estimated to contain up to 9 trillion cubic feet of natural
gas.
Other partners in the field are Houston-based Noble Energy Inc. (NBL), and
Delek Group Ltd. (DLEKG.TV) subsidiaries Avner Oil and Gas Exploration LP (AVNR.L.TV)
and Delek Drilling LP (DEDR.L.TV). The field is expected to be producing gas by
the end of 2012. The partners in Tamar are expected to sign a $25 million
contract with Israel Electric Corp. soon to supply the electric company with
gas.
With the pipeline that supplies Israel with Egyptian gas still closed after an
explosion last week, the production of local gas from Tamar is seen as a top
national priority.
At 1049 GMT, shares of Isramco were down 0.002 shekels, or 0.45%, at ILS0.43;
shares of Avner Oil and Gas were down ILS0.015, or 0.63%, at ILS2.36; and
shares of Delek Drilling were down ILS0.15, or 1.12%, at ILS13.26, in a lower
Tel Aviv market.
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