DSME signs agreement with Israel for Gas Field

30 November 2011: DSME will start the full-scale development of a sub-marine gas field in Israel. DSME made the Heads of Agreement (HoA) with the owners of the Tamar gas field in Israel, Jerusalem for the exploitation of the gas field. DSME established D & H solutions in Norway in 2010 with the goal of developing gas fields and intends to implement an omni-directional business model with interests ranging from the exploitation of gas fields to LNG sales. Tamar gas field, the subject of this HoA, is located 80km west of the Haifa Port in Israel and is estimated to have natural gas reserves of around 2,400m³. It is DSME`s plan to carry out a feasibility study of LNG-FPSOs with European oil majors with the aim of signing a contract by the end of next year.

Noble, Delek, and Isramco (the companies that own the Tamar gas field) gave a positive review to using LNG-FPSOs for the natural gas after considering geopolitical factors. If the first project is completed successfully, they will continuously order LNG-FPSOs leading DSME to expect a lot of new orders for these vessels.

Source: Yourindustrynews