Shareholders in Israeli firms Isramco and Tamar Petroleum, key partners at Israel’s 13.2tcf Chevron-operated Tamar gas field, have accepted a settlement of $50,000 to drop a lawsuit against their respective managements for failing to disclose a clause in a gas sales contract to Egypt’s state-backed offtaker Blue Ocean.

The clause stipulated that Blue Ocean can “reduce the TOP [take or pay] quantity in a year in which the average daily Brent price is lower than $50/B, to 50% of the annual contract quantity.” (CONTINUED - 278 WORDS)