Israel: DSME Enters Tamar Development Deal

South Korea’s Daewoo Shipbuilding & Marine Engineering Co Ltd announced today that it has entered into agreement with Noble Energy Inc, Delek Group Ltd and Isramco Inc to develop Israel’s Tamar offshore natural gas field.

Daewoo will immediately begin with an LNG-FPSO feasibility study, and a final agreement is expected to be signed by the end of 2012.

“Daewoo hopes to receive multiple orders for LNG FPSO vessels,” said the company in a press release.

If everything goes according to plans, first LNG production will commence in late 2016.

The gas field is located roughly 50 miles (80 km) west of Haifa in waters 5,500 feet (1,700 m) deep. The gross resource estimate of Tamar has been increased to 9 Tcf from 8.4 Tcf as a result of appraisal work, Noble Energy said recently in a press release.

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Offshore Energy Today Staff , November 22, 2011; Image: Noble Energy