Israel: ILD Energy Inks Deal with Daewoo for Myra and Sarah Gas Fields

Israel Land Development Energy has signed an agreement with a unit of South Korean Daewoo Shipbuilding & Marine Engineering, ENR, to cooperate in constructing a LNG FPSO for its offshore Myra and Sarah gas fields.

Depending on the final gas estimate results, the companies will hold talks on a gas sales agreement.

The statement listed a minimum annual purchase of three million tons of LNG for 15-20 years.

ILDC Energy and its affiliates Emanuelle Energy Ltd., Emanuelle Oil and Gas LP, and parent company Israel Land Development Company own 46.6% of Myra and Sarah gas fields, Modiin Energy LP owns 29.2% and its shareholder IDB Development Corp. Ltd. owns 5.3%, IPC Oil and Gas Holdings Ltd. owns 12.9%, and GeoGlobal Resources Inc. owns 5%.

[mappress]

LNG World News Staff, December 15, 2011; Image: GeoGlobal