Reuters: Deals: Noble Energy in gas sales deal with Israel Electric

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Noble Energy in gas sales deal with Israel Electric Mar 15th 2012, 00:40 Wed Mar 14, 2012 8:40pm EDT (Reuters) - Oil and gas producer Noble Energy Inc (NBL.N) said it has signed a 15-year gas sales agreement with Israel Electric Corp Ltd ISECO.UL, to sell natural gas from its Tamar field. Israel's state-owned electric utility is expected to source about 2.7 trillion cubic feet (Tcf) of natural gas as fuel to provide electricity to the state of Israel. The Israeli company also has the option to expand the agreement quantity to about 3.5 Tcf. Noble estimates total revenue of up to $23 billion for the 15-year period agreement. Noble, which operates Tamar with a 36 percent working interest, expects the field to begin commissioning by the year end, with initial gas deliveries expected to start in April 2013. Companies including Isramco Inc (ISRL.O) (ISRAp.TA), Delek Drilling LP (DEDRp.TA), Avner Oil Exploration LP (AVNRp.TA) and Dor Gas Exploration also hold interest in the fields. In December, Israel Electric had agreed to buy natural gas worth $8 billion from the partners developing the Tamar site off Israel's Mediterranean coast.

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