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Friday, November 21, 2014
Partners on Israel’s offshore Tamar gas field may expand production capabilities if a deal with Spain’s Union Fenosa Gas (UFG) is signed. The UFG deal would have Tamar gas delivered to an LNG facility in neighboring Egypt.
The expanded production capacity would be part of a $1.5-$2 billion upgrade, including the construction of an underwater pipeline to the UFG plant on Egypt’s Mediterranean coast, as well as new wells and platform upgrades.
In May the partners signed a non-binding agreement to deliver about 4.5 Bcm of gas per year for 15 years to UFG’s Damietta plant which has been shut in since 2012 as Egypt’s growing demand has caused exports to be diverted to the domestic market. Supplies to Egypt could start flowing in 2017 if the deal is signed.
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