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February 19, 2014
08:14 EDTNBLNoble Energy agrees to sell Tamar gas to multiple customers in Jordan
Noble Energy announced the signing of a gas sales agreement between NBL Eastern Mediterranean Marketing, the Arab Potash Company, and the Jordan Bromine Company, both of which are located in Amman, Jordan. Under terms of the agreement, Noble Energy will supply natural gas from the Tamar field, offshore Israel, to Arab Potash and Jordan Bromine for use in their facilities near the Dead Sea. Natural gas sales are anticipated to commence in 2016, once minimal required pipeline infrastructure has been completed. The agreement is for an initial term of 15 years and a total gross contract quantity of approximately 66 billion cubic feet of natural gas. The price for the natural gas sold will be based on a floor price of at least $6.50 per thousand cubic feet of natural gas with upside linked to Brent crude oil prices. Gross revenues are estimated at $500M, with actual sales dependent on final purchased quantities and oil prices at the time of sale. Finalization of the purchase and sales agreement is subject to necessary and customary conditions and regulatory approvals.
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