Pangea LNG continues to make progress toward the development of a floating LNG liquefaction facility to be located approximately 60 miles offshore from Israel in the Eastern Mediterranean. The Tamar Project is being developed through Levant LNG Holdings Corporation (Levant LNG), a wholly owned subsidiary of Pangea LNG B.V. that is dedicated to projects in that region.
The project will consist of a permanently moored self-contained natural gas liquefaction vessel with process equipment on deck and LNG storage in the hull. Work on project front end engineering and design (FEED) will be underway. A final investment decision is expected by the second half of 2013.
The Tamar Project will export LNG from the offshore Tamar and Dalit fields, which are located in the Levantine basin where major gas reserves have been proven in recent years. A 2011 estimate by the US Geological Survey estimated that this basin contains reserves of 122 TCF. The Tamar field has estimated reserves of more than 9 TCF.
Levant LNG is working with gas owners and producers who make up the Tamar Partnership. They include Noble Energy Mediterranean Ltd, Isramco Negev 2 Limited Partnership, Delek Drilling Limited Partnership, Avner Oil Exploration Limited Partnership, and DorGas Exploration Limited Partnership.
Eastern Mediterranean gas fields provide a valuable and strategic location for deploying the floating LNG export solution. The wellhead gas requires limited process, reserves are large, the climate metocean conditions are moderate and the location offers efficient access to significant LNG markets.