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Tamar gas field

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producer had recouped a certain percentage of his exploration and development costs. The windfall profits levy was incorporated into the Petroleum Profit Taxation Law, 5771-2011, which passed in March 2011. The law set the "recoup" percentage at 280% for the Tamar field and 200% for the Leviathan field and any field that would be developed later. State income from the windfall profits levy will be set aside in a
433: 40: 625:. Langotsky sued Steinmetz after the Tamar discovery in 2010, claiming that Steinmetz dropped out of the partnership two months before drilling began, causing Langotsky to lose his rights to the field. In July 2013 the court ruled in Langotsky's favor, ordering Steinmetz to pay Langotsky NIS 50 million (appx. US$ 14 million) in compensation. 525:. Public controversy arose over the location of a plant to clean and process the gas from Tamar. Communities in the Carmel region brought a petition to Israel's High Court in March 2010, demanding that alternative sites be considered. In July 2010, the High Court issued an injunction that the Ministry explain its decision. In August, 455:, who was part of the acquisition deal made by Mubadala in 2021, exercised his option to purchase half of the shares (11% of the gas field) for $ 525 million. This deal also included all the cash flow from the gas field from early 2021 until the date set for the transfer of rights, valued at an additional $ 75 million. 607:
In May 2011, Energy Minister Uzi Landau instructed the pricing commission of the ministry to evaluate regulating the price of gas. In May, 2012, the commission published its conclusion that gas should be a regulated commodity and that the commission would monitor contracts to determine whether prices
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began. Within weeks, the Egyptian-Israeli gas pipeline had been sabotaged, and in April the former Egyptian petroleum minister had been arrested for alleged corruption related to the sale of gas to Israel. The cessation of gas from Egypt meant that the Tamar project would come on-line as the sole gas
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The owners of the Tamar and Leviathan licenses lobbied against the law, claiming that it represented a breach of contract and would scare off future investors in Israel; Uzi Landau, Minister of Energy, argued against applying the law to the Tamar field in particular, saying it would delay the field's
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Through 2009, Egypt increased the price of gas being sold to the Israel Electric Company, and the Israeli joint venture of Noble and Delek Energy, producing from the Yam Tethys field, followed suit. Higher prices enabled Yam Tethys profits for the third quarter of 2009 to reach new records, prompting
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and the Israel Infrastructure Fund) for approximately 970 million shekels ($ 272 million), reflecting a total gas field value of about 32 billion shekels (approx. $ 8.5 billion). With this purchase, Frenkel's direct holding in the Tamar gas field increased to about 14.5%. Additionally, he holds about
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stated that the government revenue from oil sales, as set in the Petroleum Law (1952), was relevant in an era when exploration risks were high and profits low, which was no longer the case in 2009. Gideon Tadmor, chairman of Delek Energy, claimed that changing the tax and royalty regime would freeze
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Production is carried out by eight wells connected by a 93 miles (150 km) long subsea double pipe tie-back to a gas processing platform located offshore Ashkelon. First commercial gas delivery took place on 1 April 2013 after three years of development work. Total initial delivery capacity was
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The main recommendations of the committee included: 1) eliminating the tax allowance for "depreciation" of a field's value as its gas and oil was produced; 2) leaving the royalty rate unchanged at 12.5%; and 3) imposing a windfall profits levy, which would reach 50% of a producer's profits once the
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of 200 billion cubic metres (7.1 trillion cubic feet) of natural gas, while the adjoining Tamar South field has 23 billion cubic metres (810 billion cubic feet). Together, they may have an additional 84 BCM of "probable" reserves and up to 49 BCM of "possible" reserves (reserves
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An early promoter of the project was Israeli oil geologist Joseph Langotsky, who named the Tamar and Dalit fields after his daughter and granddaughter. Langotsky had a small share of STX, a limited partnership that had a small share of the Tamar license from 2001 through 2008. The primary owner of
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in Sinai which supplied natural gas to Israel from Egypt. This, as well as declining production from the Israel Yam Tethys field, reduced the gas supplies to the Israel Electric Corporation and other large users, who turned to much more expensive liquid fuels until Tamar development was completed.
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preliminary exploratory permits to deep-sea blocks that included the Tamar field. In December 2000, BG received an exploratory license, in a partnership that included three Israeli industrial companies, Mashav (15.6%, Dor Chemicals (7.2%), and Israel Petrochemical Enterprises (7.2%). In May 2001,
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Tamar 1 was drilled to a depth of 4,900 metres (16,100 ft) at a cost of $ 92 million. The partners announced the discovery on January 17, 2009. On July 7, 2009, the partners announced a second successful appraisal drilling at Tamar 2, increasing the estimated reserves of the field by 26%. In
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to supply it with 42 billion cubic meters (BCM) of natural gas, with an option to increase the gas purchases up to $ 23 billion. By March 2012, the consortium developing Tamar had signed deals worth up to a total of $ 32 billion with six Israeli companies, committing up to 133BCM. According to a
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Noble Energy joined as operator in 2006. In 2006, the license was extended to December 31, 2008, despite the failure to begin drilling, and despite the statutory seven-year limit on oil licenses set by Israel's Oil Law. Isramco reported in 2006 that exploratory drilling was expected to cost $ 69
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In May 2002, the BG license was extended by the Oil Commissioner, on the condition that drilling begin no later than September 2003. In February 2003, the Commissioner extended the deadline to December 2004, and in December 2004 a further extension was given to June 2005. During this period, BG
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In April 2005, BG announced that it was abandoning its stake. According to some reports, BG quit after being unable to conclude an agreement to supply gas to the Israel Electric Company. (Israel in mid-2005 reached an agreement to receive gas from Egypt for US$ 2.75 per
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Drilling of Tamar 1 began in November 2008. At the time, seismic studies indicated that there was a 35% chance that the formation contained gas. The studies further indicated that if there was gas, the median estimate for the producible quantity was 107 BCM.
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several Knesset members to consider the need for revising the country's tax and royalty regime. On February 23, 2010, the Knesset Economics Committee held a session to discuss options for increasing taxes and royalties. During the session, committee member
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were fair. A study sponsored by the commission showed that the Tamar partners annual after-tax returns could be expected to be 54% of assets, as opposed to the 19% annual return projected by the Sheshinski Committee. In February 2014, Knesset Member
646:, indicating that it considered the Tamar and Leviathan gas fields to be outside Lebanese territory (though it indicated other prospective fields in the region may be within Lebanese territory). The US expressed support for Lebanon's proposal. 604:
supplier to Israel. By the end of 2011, the Tamar group had raised the price of gas in its contract with IEC, effectively restoring to the partners most or all of the profit that they had expected before the passage of the Profit Taxation Law.
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study commissioned by the government, the prices set were significantly higher than the price that would be demanded under comparable circumstances elsewhere. In 2012, Tamar was found to be the largest air polluting plant in Israel.
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made statements threatening Israel against developing the sites, and Israeli officials made counter threats against Lebanese intervention. In August 2010, the issue was largely resolved when Lebanon submitted to the
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In December 2001, BG completed 3D seismic studies that indicated the potential of the Tamar field and of the adjoining Dalit field. BG recommended drilling an exploratory well at an estimated cost of $ 40 million.
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annually. This was increased in 2015 to 1,100 million cu ft (31 million m) per day with the addition of compressors in the Ashdod reception terminal. In 2016, the reservoir produced
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In September 2010, Noble announced that development of the Tamar field was beginning at an expected cost of $ 3 billion. In March 2012 the Tamar partners signed a 15-year, US$ 14 billion deal with the
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having a 10% probability of extraction). At the time of discovery, Tamar was the largest find of gas or oil in the Levant basin of the Eastern Mediterranean Sea and the largest discovery by
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billion cubic metre of gas, a 12% increase over the previous year. In 2018, the output from the Tamar gas field yields more than 60% of Israel's electricity. In 2022, Tamar produced 10.25
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development. Nevertheless, when Tamar production began on schedule in April 2013, both Landau and Noble CEO Charlie Davidson claimed that the project had been completed in record time.
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In January 2018, Tamar Petroleum acquired 7.5% of Noble Energy's holdings in the Tamar gas field, increasing its total holdings to 16.75%. In September 2021,
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issued a notice to the Tamar partners not to proceed with signing export contracts until it is granted permission to do so by the Israeli government.
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mid-2011, four more appraisal wells were drilled, with additional gas found at Tamar 3. In September 2011, Noble began production development.
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25% of Tamar Petroleum shares, which in turn owns 16.75% of the Tamar gas field, effectively adding an additional 4.2% to Frenkel's holdings.
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issued an open letter to the government, berating it for not setting fair gas prices that could reduce the country's cost of living.
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On 9 October 2023, production at the gas field was temporary suspended by the Israeli government following the outbreak of the
2357: 1993: 474: 1438:"MoU signed for the sale of Delek Drilling's stake in the Tamar gas field offshore Israel to Abu Dhabi's Mubadala Petroleum" 336:. Since Tamar's discovery, large gas discoveries have been made in other analogous geological formations dating back to the 787: 2362: 514: 999:"CONCLUSIONS OF THE COMMITTEE FOR THE EXAMINATION OF THE FISCAL POLICY WITH RESPECT TO OIL AND GAS RESOURCES IN ISRAEL" 2239: 871: 855: 1638: 835: 770: 633:
Following the discovery in 2009, some Lebanese leaders, particularly officials of the Lebanese Shi'a Islamist group
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Needham, Daniel L.; Pettingill, Henry S.; Christensen, Christopher J.; Ffrench, Jonathan; Karcz, Zvi (Kul) (2017).
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The direct economic costs alone to the Israeli economy of the energy crisis have been estimated at NIS 20 billion.
1412:"Sale and Purchase Agreement Signed for the Sale of Delek Drilling's Stake in the Tamar Gas Field Offshore Israel" 2202: 2174: 2146: 2072: 1687: 1312: 964: 1614: 458:
In March 2024, Frenkel acquired an additional 3.5% of the Tamar gas field from Everest (a partnership between
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was appointed to head the committee. By the time the committee presented its findings in January, 2011, the
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established a committee to consider the country's fiscal policy regarding its gas and oil resources.
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Isramco Negev 2 Limited Partnership FINANCIAL STATEMENTS AS AT DECEMBER 31, 2006, 10-K,· EX-99.1
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Isramco Negev 2 Limited Partnership FINANCIAL STATEMENTS AS AT DECEMBER 31, 2006, 10-K,· EX-99.1
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Isramco Negev 2 Limited Partnership FINANCIAL STATEMENTS AS AT DECEMBER 31, 2005, 10-K,· EX-99.1
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Isramco Negev 2 Limited Partnership FINANCIAL STATEMENTS AS AT DECEMBER 31, 2004, 10-K,· EX-99.1
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Israel began drilling in the Tamar natural gas fields despite the presence of Turkish warships
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epoch in the Levant basin. Because Tamar was the first such discovery, these gas containing
1916: 1877: 1176: 1147: 1134: 1087: 1030: 382: 470:(25%), Tamar Petroleum (16.75%), Aaron Frenkel (14.5%), Mubadala (11%), and Dor Gas (4%). 8: 2305: 710: 572: 467: 152: 137: 2285: 2207: 2179: 2151: 2077: 1920: 1152: 900: 609: 1994:"Sheshinski eases proposed tax for gas exploration firms" Jerusalem Post, Jan 4, 2011. 1242: 1076: 851: 836:"The Tamar Giant Gas Field: Opening the Subsalt Miocene Gas Play in the Levant Basin" 700: 675: 643: 369:, Clal Industries, and Granit-Sonol, the latter two leaving the partnership in 2004. 312: 308: 74: 2004: 1589:"Mubadala da a Aaron Frenkel una opción sobre el 11 % de los derechos de Tamar" 2300: 2270: 1489:"Mubadala Petroleum finalises $ 1bn deal for 22% stake in Israel's Tamar gas field" 843: 809: 327:
in waters 1,700 metres (5,600 ft) deep. The Tamar field is considered to have
2005:[Hebrew] "Natural Gas is good news for Israel's periphery" March 19, 2013. 1866: 563:
On 12 April 2010, in response to the Knesset concerns, Israel's Treasury Minister
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March 2005, BG announced that it was quitting the Gal natural gas partnership.
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In January 2011, as the Knesset was debating the Profit Taxation Law, the
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985 million cu ft (27.9 million m) per day or 10
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conducted negotiations for selling gas to the Israel Electric Company.
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g signed an agreement to sell the remainder of its holdings (22%) to
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BG Group to invest $ 40 million on drilling off Haifa Coast (Hebrew)
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Israel Government Yalkut Reshumot, 4953, 18 January 2001, p.1312
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IEC confirms negotiating natural gas contract with Isramco, BG.
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Delek Energy held talks on exporting natural gas from Tamar to
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On June 14, 2009, Shaul Tzemach, Director General of Israel's
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The stakeholders in the Tamar gas field are Isramco (28.75%),
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Noble Energy Successfully Appraises Tamar Offshore Israel
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Known oil and gas fields in the Levant Basin (US EIA)
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Solomon, Shoshanna; Ackerman, Gwen (30 March 2013).
1639:"Aaron Frenkel exercises option to buy Tamar stake" 1563:"Aaron Frenkel exercises option to buy Tamar stake" 1513:"Aaron Frenkel exercises option to buy Tamar stake" 1363:"ENERGY: Noble agrees to sell down its Tamar stake" 768:
Haifa Gas Discovery Bumped to 5 Trillion Cubic Feet
365:Mashav left the partnership and BG brought in STX, 2049:Yachimovich to government on gas price regulations 1789:Bousso, Ron; Rabinovitch, Ari (October 10, 2023). 1738:"Aaron Frenkel increases stake in Tamar gas field" 1688:"Frenkel again increases stake in Tamar gas field" 1663:"Frenkel again increases stake in Tamar gas field" 508: 1788: 790:. Isramco Negev 2, LP. 1 February 2014. p. 2 2349: 1917:"גלגל מסתובב: מצרים מבקשת שישראל תבטיח הזרמת גז" 1313:"Noble Energy divests 7.5% stake in Tamar Field" 1615:"Saudis, Israelis await Biden deal-making tour" 1177:"Isramco: Tamar Gas Potential Upped to 9.71TCF" 628: 1784: 1782: 1711: 682:. In March, 2013, Israeli Minister of Energy, 16:Israeli natural gas field in the Mediterranean 2240: 2071:Barkat, Amiram; Ma'anit, Chen (3 July 2013). 952:BG says it will not return to Israel (Hebrew) 348:formations have become collectively known as 323:, roughly 80 kilometres (50 mi) west of 672:Daewoo Shipbuilding & Marine Engineering 2117: 1779: 360:In 1999, Israel's Oil Commissioner granted 2247: 2233: 2200: 1964:"Sheshinski Committee Report January 2011" 47:Location of Tamar gas field offshore Egypt 2098: 1952:Protocol 194, Knesset Economics Committee 1763:"Israel's Aaron Frenkel Ups Tamar Stakes" 1145: 1586: 1387:"Noble Energy Announces Tamar Sell-Down" 891:Israel Government Yalkut Reshumot, 5359. 549: 431: 407: 2254: 1536: 882:Israel Government Yalkut Reshumot, 4989 780: 668:floating liquefied natural gas terminal 541:which began in 2011 led to sabotage of 533:Energy crisis and economic consequences 39: 2350: 2172: 2038:"No Price Regulation planned" (Hebrew) 1914: 1888: 1840: 1486: 1247:: CS1 maint: archived copy as title ( 1174: 2228: 2144: 1612: 763: 761: 1841:Sijnja, Jennifer (1 November 2018). 1435: 1409: 840:Giant Fields of the Decade 2000–2010 2201:Yeshayahou, Kobi (March 12, 2013). 2173:Barkat, Amiram (December 4, 2011). 1915:Barkat, Amiram (25 December 2013). 1031:"Delek Drilling 2009 Annual Report" 615: 595:Monopoly position of Tamar partners 515:Energy and Water Resources Ministry 319:. The field is located in Israel's 13: 1843:"Yossi Abu, CEO of Delek Drilling" 1814: 1360: 1201: 1148:"Daewoo to Liquify Gas from Tamar" 758: 14: 2374: 662:. Shipments to Asia would be by 475:October 2023 Gaza–Israel conflict 258:Year of current production of gas 2284: 2099:Goldstein, Tani (24 June 2010). 2016:Egyptian gas to Israel uncertain 1889:Gutman, Lior (15 October 2013). 1146:Katzowitz, Guy (24 March 2012). 1088:Tamar Field--Offshore Technology 642:its official view regarding the 451:About a year later, billionaire 38: 31: 2194: 2166: 2138: 2111: 2092: 2064: 2053: 2042: 2031: 2020: 2009: 1998: 1987: 1956: 1945: 1934: 1908: 1882: 1871: 1860: 1834: 1808: 1755: 1730: 1705: 1680: 1655: 1631: 1613:Cohen, Sam Zieve (2022-06-13). 1606: 1580: 1555: 1530: 1505: 1487:Glover, Felicity (2021-09-02). 1480: 1455: 1429: 1403: 1379: 1354: 1329: 1305: 1280: 1255: 1210: 1195: 1175:Noyman, Nadav (23 March 2012). 1168: 1139: 1128: 1117: 1100:"A Noble boast offshore Israel" 1092: 1081: 1070: 1045: 1023: 991: 980: 971: 957: 945: 934: 925: 914: 905: 777:Oil In Israel, 10 February 2009 649: 509:Pipeline connection controversy 397:-owned partnerships, Avner and 1878:Gas to Flow to Ashdod (Hebrew) 1341:The Jerusalem Post | JPost.com 1292:The Jerusalem Post | JPost.com 894: 885: 876: 864: 827: 802: 732: 678:of the terminal to be done by 521:or 5 km farther north at 1: 2145:Baron, Lior (April 1, 2009). 1712:MarketScreener (2024-05-23). 1004:. p. 141. Archived from 726: 560:exploration and development. 505:billion cubic metres of gas. 480: 383:million British thermal units 2358:Natural gas fields in Israel 1587:Hashomer, Arí (2021-11-22). 1537:Nishlis, Idan (2023-01-01). 629:Maritime border with Lebanon 621:STX was Israeli businessman 7: 1391:markets.businessinsider.com 689: 601:Egyptian Revolution of 2011 426:Israel Electric Corporation 10: 2379: 2363:Natural gas field disputes 2118:Barak Ravid (2011-07-10). 716:List of natural gas fields 575:had also been discovered. 355: 2329: 2293: 2282: 2263: 1135:Tamar Development Begins. 293: 265: 257: 210:Current production of gas 209: 204: 196: 188: 183: 173: 143: 133: 96: 88: 80: 65: 55: 26: 21: 848:10.1306/13572009M1133688 412:Gas field (illustration) 169:Dor Gas Exploration (4%) 157:Tamar Petroleum (16.75%) 1053:"Delek Energy web site" 788:"Tamar Reserves Update" 446:Mubadala Energy company 321:exclusive economic zone 1718:www.marketscreener.com 967:. globes. 4 June 2012. 585:Israeli Citizens' Fund 437: 413: 223: cu ft/d (31 2027:IEC overpays for gas. 721:Natural gas in Israel 676:Front-end engineering 664:Liquified Natural Gas 581:sovereign wealth fund 550:Sheshinski Commission 435: 411: 118:33.07833°N 33.95139°E 1317:Power World Analysis 448:for $ 1.05 billion. 294:Producing formations 1867:Tamar project plans 711:Leviathan gas field 573:Leviathan gas field 519:Moshav Ma'ayan Tzvi 253: cu ft/a) 197:Start of production 174:Service contractors 165:Mubadala Investment 114: /  1593:Noticias de Israel 1442:www.prnewswire.com 1416:www.prnewswire.com 773:2016-03-28 at the 670:would be built by 610:Shelly Yachimovich 438: 414: 123:33.07833; 33.95139 2345: 2344: 1692:Virtual Jerusalem 1436:Drilling, Delek. 1410:Drilling, Delek. 1361:fm (2018-07-03). 701:Economy of Israel 315:off the coast of 313:Mediterranean Sea 309:natural gas field 301: 300: 289: cu ft) 75:Mediterranean Sea 2370: 2288: 2249: 2242: 2235: 2226: 2225: 2220: 2219: 2217: 2215: 2198: 2192: 2191: 2189: 2187: 2170: 2164: 2163: 2161: 2159: 2142: 2136: 2135: 2133: 2132: 2115: 2109: 2108: 2096: 2090: 2089: 2087: 2085: 2068: 2062: 2057: 2051: 2046: 2040: 2035: 2029: 2024: 2018: 2013: 2007: 2002: 1996: 1991: 1985: 1984: 1982: 1981: 1975: 1969:. 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Index

Tamar gas field is located in Eastern Mediterranean
Egypt
Levant basin
Mediterranean Sea
33°04′42″N 33°57′05″E / 33.07833°N 33.95139°E / 33.07833; 33.95139
Chevron
Isramco
Chevron
Aaron Frenkel
Mubadala Investment
Aker Solutions
natural gas field
Mediterranean Sea
Israel
exclusive economic zone
Alexandria
proven reserves
Noble Energy
Oligocene
Miocene
presalt
BG Group
Isramco
million British thermal units
MWh
Isramco
Delek
Delek Drilling

Israel Electric Corporation

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