Pangea LNG Continues its Development of Mediterranean Floating LNG Export Project

Pangea LNG Continues its Development of Mediterranean Floating LNG Export Project PR Newswire TEL AVIV, Israel, Nov. 28, 2012 TEL AVIV, Israel, Nov. 28, 2012 /PRNewswire/ -- A Cost Sharing Agreement (CSA) has been executed between Levant LNG Marketing, a subsidiary of Pangea LNG B.V., and Tamar Partners. This major milestone demonstrates the continuing progress toward the export of LNG from the Tamar and Dalit fields in the Eastern Mediterranean, 60 miles offshore from Israel. The Tamar Partnership will participate in the cost of developing the project front end engineering and design (FEED) for a permanently moored offshore floating natural gas liquefaction vessel with onboard storage. Pangea LNG and Tamar Partners anticipate launching FEED by end of 2012 and making a final investment decision by the second half of 2013. The floating liquefaction (FLNG) midstream solution is being developed by Pangea LNG, an LNG development and investment company owned by Daewoo Shipbuilding and Marine Engineering (DSME), Next Decade International and D&H Solutions AS. Pangea LNG is a floating LNG liquefaction and storage project developer now working on projects around the globe that will connect gas suppliers to the world's most important LNG demand markets. The Tamar Partnership includes Noble Energy Mediterranean Ltd, Isramco Negev 2 Limited Partnership, Delek Drilling Limited Partnership, Avner Oil Exploration Limited Partnership, and DorGas Exploration Limited Partnership.