Noble Energy Inks $23B Gas Deal With Israeli Utility

Law360, New York (March 15, 2012, 3:12 PM EDT) -- Oil and gas explorer Noble Energy Inc. has signed a deal worth $23 billion to sell gas from an offshore Mediterranean Sea field to Israel's only electric utility, the company said Thursday.

Israeli Electric Corp. Ltd., which is 99.85 percent owned by the Israeli government, is expected to buy 2.7 trillion cubic feet of natural gas from the subsea Tamar field over 15 years, with an option to expand to up to 3.5 trillion cubic feet.

Houston-based Noble, which is Tamar's biggest owner with a 36...
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