Israel Electric Corp. will buy about $700 million worth of natural gas until June 2021 from the Leviathan Field in the Mediterranean, one of the partners in the field said June 12.
Delek Drilling said the Israeli state utility will buy about 4 billion cubic meters of gas from Leviathan, from the time it begins operation around Oct. 1, 2019, until June 30, 2021, or until the Karish Field comes online, whichever happens first.
Delek owns 45% of Leviathan while Texas-based Noble Energy and Ratio Oil are also partners in the field.
Cabot CEO Dan Dinges said the sale will accelerate the value of its Eagle Ford assets, which struggled to compete for capital next to its Marcellus position due to low oil prices.
The sale included the company's remaining 60% overriding royalty interest and generated about $1.8 million in gross proceeds.
The Oil & Gas Asset Clearinghouse is the exclusive technical, marketing, and transaction advisor for the sale.