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Tamar group signs 15-year gas supply deal with two Jordanian companies

Highlights

The Israel-based Tamar consortium has signed its gas first export deal with Jordan's Arab Potash Corp and Jordan Bromine Company, the partners in the group said Wednesday.

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The 15-year contract calls for the supply of 66 billion cubic feet of gas from Israel's Tamar gas field over 15 years. Gas supplies will commence in 2016. The minimum price set is $6.50/1,000 cubic feet and linked to the price of Brent crude. In addition, the agreement calls for an additional $0.20/1,000 cubic feet for marketing services for the transfer of the gas to Jordan. Noble Energy, one of the members of the Tamar consortium, said the total value of the deal is $500 million.

"This is the first export agreement from Tamar and will pave the way for additional export deals from Tamar which will serve to strengthen regional ties," said Lawson Freeman, Noble Energy's vice president for Eastern Mediterranean operations.

The Tamar consortium comprises Noble Energy, Delek Drilling, Avner Oil and Gas, Isramco and Alon Gas Exploration.


The contract was mediated by US Deputy Assistant Secretary for Energy Diplomacy at the State Department Amos Hochstein. Israeli energy ministry sources said that Energy and Water Minister Silvan Shalom visited Jordan on several occasions recently to discuss the deal. Israeli Prime Minister Benjamin Netanyahu also met with Jordan's King Abdullah recently and the gas supply deal was among the issues discussed.

Jordan has been facing increasing gas shortages due to repeated disruptions in supply from Egypt. The most recent attack on the Sinai pipeline took place earlier this month.

--Neal Sandler, newsdesk@platts.com
--Edited by Jonathan Fox, jonathan.fox@platts.com