Tamar, The Natural Gas Production Platform Off The Israeli Coast, Is To Begin It's Natural Gas Production

The companies developing the Leviathan field off the coast of Israel have reportedly signed an initial agreement with a Jordanian power company for a multi-billion dollar, long-term natural gas supply deal. “Under the terms of the latest agreement, the gas is to be sold at oil-linked prices and will be delivered to a border location between Israel and Jordan after new pipeline infrastructure is completed, Noble said in a written statement. A final agreement is expected to be completed this year, it added.” [Wall Street Journal]

Duke Energy continues to replace coal with natural gas in its power generation fuel supply mix and announced this week it will help build a $5 billion dollar pipeline to ship natural gas down the East Coast to North Carolina. “Duke said the Atlantic Coast Pipeline will be built by Dominion Resources Inc. (NYSE:D), a major producer and transporter of energy based in Richmond, Virginia. Dominion will own 45 percent of the conduit, while two other partners, Piedmont Natural Gas Co. and AGL Resources Inc., will respectively own 10 percent and 5 percent shares. When completed, the 550-mile pipeline will cut through the Marcellus and Utica shale gas basins in West Virginia, Ohio and Pennsylvania along the East Coast. It will carry up to 1.5 billion cubic feet of gas per day. Construction could start as soon as 2016, and the project could come online by winter 2018, according to a statement.” [International Business Times]

Long-time Venezuelan oil minister Rafael Ramirez is being replaced by one of former President Hugo Chavez’ cousins Asdrubal Chavez. Ramirez will also step down as head of state-owned PDVSA and take a new role as the country’s Foreign Minister. [Upstream]