Israel Electric to buy $700M worth of gas from Leviathan field

  • Business & Finance

Partners in the giant Leviathan gas field offshore Israel have signed a $700 million gas supply agreement with Israel Electric.

Delek Drilling on Wednesday said that Israel Electric would buy gas from the Leviathan field on an “available capacity basis,” at total quantity estimated at 4 billion cubic meters.

The agreement is set to take effect once the offshore Israel gas field start production, expected in October 2019. The field, sitting in the Mediterranean Sea, is operated by Noble Energy, with partners beins Delek Drilling and Ration oil Exploration.

According to Delek, said that the supply agreement with Israel Electric end on June 30, 2021, or on the date of start of the production of gas from the Energean operated Karish reservoir, whichever is earlier.

If the Karish output does not start on June 2021, the Leviathan partners and Israel Electric will be entitled to extend the current gas supply deal by mutual consent.

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