The partners in Israel’s Leviathan & Tamar offshore gas fields planned to sell $15 billion worth of natural gas to an Egyptian customer, Dolphinus Holdings, but last month 34% more gas was requested, now estimating the deal worth $20 billion.
A deal that would transfer control of a natural gas pipeline between Israel and Egypt is expected to be closed in the next few days, the companies said on Sunday.
Texas-based Noble Energy, Israel’s Delek Drilling and Egyptian East Gas Co have partnered in a venture called EMED, which last year agreed to buy a 39% stake in the subsea EMG pipeline for $518 million that will carry Israeli gas exports to Egypt.
In a regulatory filing in Tel Aviv, Delek said the shares have already been transferred to the buyers while the funds are currently being held in a trust. It noted that no closing conditions remained.
“Upon the transfer of the full amount of the consideration to the sellers, which is expected to be performed in the coming days, the EMG transaction will be closed in practice,” Delek said.
Partners in Israel’s Leviathan and Tamar offshore gas fields had agreed to sell $15 billion worth of gas to a customer in Egypt – Dolphinus Holdings – but last month the deal was amended to boost supply by 34% to about 85 billion cubic meters, or an estimated $20 billion.
Noble and Delek are key partners in both Leviathan – which is set to start production in the coming weeks – and the existing Tamar field off Israel’s Mediterranean coast.
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