Levant LNG Marketing, a unit of Pangea LNG BV, has concluded a cost-sharing agreement with Israel’s Tamar Partners, Tel Aviv, that marks progress toward the export of LNG from Tamar and Dalit fields 60 miles off Israel in the Levantine basin.
The Tamar partnership will participate in the cost of developing the project’s frontend engineering and design for a permanently moored floating natural gas liquefaction and storage vessel. Pangea LNG and Tamar Partners anticipate launching the FEED by yearend and reaching final investment decision by second-half 2013.
Pangea LNG is an LNG development and investment company owned by Daewoo Shipbuilding & Marine Engineering, Next Decade International, and D&H Solutions AS.
The Tamar partnership includes Noble Energy Mediterranean Ltd., Isramco Negev 2 LP, Delek Drilling LP, Avner Oil Exploration LP, and DorGas Exploration LP. These companies are owners and producers of large natural gas resources in Tamar and Dalit fields where development drilling is under way (OGJ Online, June 3, 2012).
Pangea LNG said it continues to work on offtake agreements for LNG production from the Tamar project. It has already executed several letters of intent with potential offtakers and is in final negotiations for the long-term sales and purchase agreement.