The shareholders of Israeli firms Delek Drilling, Ratio Oil, Isramco and Tamar Petroleum are taking their respective managements to court after the latter failed to disclose that their key Egyptian customer can halve its offtake of Israeli gas at sub-$50/B Brent.
Under a deal signed in February 2018 and revised in October last year, Egyptian firm Dolphinus is to import a total of 85.3bcm of gas, 60bcm from the 22tcf Leviathan field and 25.3bcm from 11tcf Tamar until 2035 (MEES, 4 October 2019). Flows from Leviathan began at around 200mn cfd in mid-January and are slated to hit around 450mn cfd from July with the addition of around 100mn cfd from Tamar (MEES, 17 January). (CONTINUED - 516 WORDS)
