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Noble & Dolphinus Amend Deal, Increasing Gas Sales Volumes to Egypt

Source: www.gulfoilandgas.com 10/2/2019, Location: Egypt

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Noble Energy, Inc. (NBL) announced that the Company and its partners have amended their agreements for the sale of natural gas to Dolphinus Holdings Limited from the Leviathan and Tamar fields. The amended agreements now provide for total combined firm contract quantities of 3 trillion cubic feet (Tcf) of natural gas, more than doubling the firm volume commitments previously agreed. In addition, each agreement has been extended by five years to reflect 15-year terms.

Beginning January 1, 2020 and throughout the contract term, the Company and its partners have committed to supply volumes as summarized below:

- January 1, 2020 – June 30, 2020: Leviathan 200 million cubic feet per day (MMcf/d) of natural gas

- July 1, 2020 – June 30, 2022: Leviathan 350 MMcf/d, Tamar 100 MMcf/d

- July 1, 2022 – December 31, 2034: Leviathan 450 MMcf/d, Tamar 200 MMcf/d

These contracts replace the previous firm commitment of 1.15 Tcf from the Leviathan field and the previous interruptible quantity of 1.15 Tcf from the Tamar field. Both contracts include take or pay commitments. During the two-year period ended June 30, 2022, Leviathan will backstop any volume commitment that Tamar is unable to deliver under the amended agreement.

David L. Stover, Noble Energy’s Chairman and CEO, stated, “This agreement is a major step for Noble Energy’s Eastern Mediterranean projects, expanding the long-term export demand in the region. The supply flexibility between assets will enable Tamar to continue producing at high rates, while Leviathan grows rapidly toward its initial capacity. With first gas from Leviathan anticipated by the end of the year, this agreement provides further clarity to our 2020 cash flow profile and beyond.”

The amended agreements are subject to certain regulatory approvals. In addition, the Company and its partners are working to complete the acquisition of interest in the EMG Pipeline, which is anticipated to occur early in the fourth quarter of 2019.

Noble Energy holds a 39.66 percent working interest in the Leviathan project. Other interest owners include Delek Drilling LP with 45.34 percent and Ratio Oil Exploration LP with 15 percent interest.

Noble Energy holds a 25 percent working interest in the Tamar project. Additional partners include Isramco Negev 2 LP with 28.75 percent, Delek Drilling LP with 22 percent, Tamar Petroleum Ltd. with 16.75 percent, Dor Gas Exploration with 4 percent and Everest Infrastructures with 3.5 percent.

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