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Daewoo Inks Deal to Develop Israel's Tamar Field

Source: Reuters 11/22/2011, Location: Middle East

South Korea's Daewoo Shipbuilding & Marine Engineering said that it had signed an agreement to develop Israel's Tamar natural gas field with Noble, Delek Group and Isramco Inc.

Daewoo said in statement it aimed to produce from the end of 2016 liquefied natural gas (LNG) from the field, which is estimated to have 240 billion cubic meters of natural gas. The volume is equivalent to five times South Korea's annual consumption, Daewoo added, without specifying the size of its stake in the development deal or its value.

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