Leviathan Gas Sales Agreement

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During the duration of the agreement, CEI will purchase natural gas from Leviathan`s partners, as needed and beyond the gas deliveries it receives from Tamar`s partners. The purchase will be based on Leviathan`s available capacity, without the quantities of gas-related gas being reserved in advance. «According to the company`s estimate, the current agreement is expected to reduce the cost of the company`s gas purchase from $145 million to $175 million based on the company`s estimates for the quantities actually consumed under the agreement.» The price of gas under the Leviathan agreement is low compared to the gas prices set out in the agreement to which the company entered with the Tamar project partnership. The agreements, one for natural gas from Leviathan and the other for Tamar, each provide for a total volume of 1.15 trillion cubic feet of natural gas, Noble said Monday. The gas price formula is the same in both agreements, with the link to Brent oil prices, as are our other regional agreements. The Leviathan contract represents expected gross sales of nearly $7 billion at the most recent Brent prices, with potential revenue from Tamar going up to a similar amount, depending on the quantities actually sold. Both agreements are subject to concluding obligations, including regulatory approvals and licences, as well as the completion of gas transmission contracts. The amended agreements are subject to certain administrative authorizations. In addition, the company and its partners are working to finalize the stake in the EMG pipeline, which is expected to occur in early Q2019. HOUSTON–(BUSINESS WIRE)-Noble Energy, Inc.

(NYSE: NBL) («Noble Energy» or the «Company») announced today that the company and its partners have amended their natural gas sales agreements to Dolphinus Holdings Limited in the Leviathan and Tamar fields. The amended agreements now provide for a total of 3 trillion cubic feet (Tcf) of natural gas, more than doubling the previously agreed fixed volume commitments. In addition, each agreement was extended by five years to reflect a 15-year term. Sales volume under the Leviathan field agreement is expected to begin at a fixed rate of approximately 350 million cubic feet of natural gas per day (MMcf/d) when the Leviathan project is commissioned at the end of 2019. «The magnitude of the savings can vary and increase depending on the amount of gas actually consumed by the company, because the final price agreed in the agreement to be signed will be lower,» says the IEC. David L. Stover, President and CEO of Noble Energy, said: «This agreement is an important milestone for Noble Energy`s projects in the eastern Mediterranean, which are driving long-term export demand in the region. The flexibility of supply between facilities will allow tamar to continue to produce at high rates, while Leviathan is rapidly moving towards its initial capacity.

As The first Gas of Leviathan is expected by the end of the year, this agreement brings more clarity to our cash flow profile until 2020 and beyond. With respect to the Tamar agreement, sales volume is expected to start at an exchange rate of 350 Mcf/d, depending on the availability of gas that goes beyond the commitments made by customers in Israel and Jordan. Noble Energy will have the option to convert the switchable amount of Tamar on a fixed basis, with a significant obligation to recover or pay. Both contracts have a term of ten years. As part of the gas supply agreement with Leviathan`s partners, Israel Electric will purchase quantities of gas exceeding the quantities of gas israel is required to contain under the tamar Project partnership agreement, which operates the Tamar gas field off Israel.

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