Tamar group signs $3.5 bln gas deal with Israel's Dorad

JERUSALEM Mon Oct 15, 2012 5:58am EDT

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JERUSALEM Oct 15 (Reuters) - The U.S.-Israeli consortium developing the Tamar natural gas field off Israel's Mediterranean coast said on Monday it signed a 16-year deal with Dorad Energy to provide up to 13.2 billion cubic meters (bcm) of gas for about $3.5 billion.

The group announced the deal, the latest in a series of multi-billion dollar agreements with Israeli power providers, in a statement to the Tel Aviv Stock Exchange. The amount of gas Dorad buys could be lower, depending on pipeline issues or demand, the statement said.

The Tamar gas field has estimated reserves of over 274 bcm of gas and is expected to begin deliveries around April 2013.

Texas-based Noble Energy has a 36 percent share of Tamar. Isramco Negev has a 28.75 percent stake. Avner Oil Exploration and Delek Drilling each have a 15.625 percent share, and Dor Gas Exploration holds the remaining 4 percent.

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