Israel Land Development Energy has signed an agreement with DSME E&R, a unit of South Korea’s Daewoo Shipbuilding & Marine Engineering, to look into building a floating LNG facility at the Myra and Sarah gas fields offshore Israel, according to reports.
ILD Energy said on Thursday that it will join with DSME E&R to conduct a feasibility study for the LNG-FPSO project.
Following a successful outcome of the study, ILD Energy will hold talks on a sales agreement for at least 3 million tonnes per annum of LNG over a 15-20 year period, Israeli business daily Globes reported.
ILD Energy is expected to begin drilling by early next year.