Israeli cabinet votes for natural gas deal

Israel’s Cabinet has approved the outline to increase the quantity of natural gas produced at the Tamar natural gas field and to rapidly develop the Leviathan, Karish and Tanin natural gas fields.

Prime Minister Benjamin Netanyahu said the deal will bring hundreds of billions of shekels for education, health, social welfare and other national needs, reveals a statement by the prime minister’s office.

Under the terms of the approved deal, Delek Group will sell its stake in the Tamar, Karish and Tanin gas fields while Noble Energy is bound to reduce its holding in Tamar gas field to 25% within six years.

Tamar field is operated by Noble Energy with a 36% working interest. Other interest owners are Isramco Negev 2 with 28.75 percent, Delek Drilling with 15.6 percent, Avner Oil Exploration with 15.6 percent, and Dor Gas Exploration with the remaining four percent.

LNG World News Staff; Image: pmo.gov.il