Shearman & Sterling advised the lenders including HSBC and Barclays on the $900 million permanent financing for the Tamar Gas development project which reached Financial Close on 7 August 2012. About 56 miles off the Israeli coast, the Tamar offshore gas field is held by Delek Drilling LP, Avner Oil Exploration LP, Dor Gas Explorations LP, Noble Energy Mediterranean Ltd. and Isramco Negev 2 Limited Partnership.
The field was the largest global gas find of 2009 and its exploration is of huge strategic importance for Israel. It will enable the country to become self-sufficient in terms of gas supplies for approximately 20 years.
The permanent financing funds the remaining development costs of Delek, Avner and Dor for the Tamar project and refinances the bridge financing on which Shearman & Sterling advised the lenders in 2010. The bridge financing was awarded “Middle East Oil & Gas Deal of the Year” by Project Finance International 2010.
The Shearman & Sterling team of lawyers in the firm’s London office included Project Development & Finance partner Ben Shorten, associates Natasha Kirby and Leona McManus and trainee Sam Ogunlaja.
The Tamar Gas project is expected to come on stream in 2013.
