ILDC Energy, Daewoo sign LNG deal

Israel Land Development Energy has signed a deal with a subsidiary of South Korean group Daewoo Shipbuilding & Marine Engineering to sell natural gas from its Myra and Sara gas fields..

Estimates suggestthe two sites hold a total 6.5 trillion cubic feet (tcf) of gas.

Further negotiations will be carried out once final results are received, but the statement listed a minimum annual purchase of 4.3 billion cubic metres (0.15 tcf) of natural gas for 15-20 years.

ILDC Energy and its affiliates Emanuelle Energy Ltd., Emanuelle Oil and Gas LP, and parent company Israel Land Development Company own 46.6% of Myra and Sarah gas fields, Modiin Energy LP owns 29.2% and its shareholder IDB Development Corp. Ltd. owns 5.3%, IPC Oil and Gas Holdings Ltd. owns 12.9%, and GeoGlobal Resources Inc. owns 5%.