DSME Makes Agreement with Israel for Tamar Gas Field Development

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.

Mr. Sang-Tae Nam, the President & CEO of DSME, said, “Israel’s coast is a very large natural gas market with around 2.8 trillion cubic meters” and “DSME provides a total solution with the ability to exploit energy resources and sales through our business developments in Israel.”

DSME plans to be recognized as the world`s leading synthesized heavy industry by 2020 by implementing “Country Marketing” which is win-win strategy that participates with local countries to help their economic development.

Subsea World News Staff , November 23, 2011

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