Development drilling starts at Noa North offshore Israel

Offshore staff

TEL AVIV, Israel – Delek Drilling and Avner Oil Exploration have approved the Noa North gas development in the eastern Mediterranean Sea, offshore Israel.

This will provide additional supplies of gas to the Israeli market, mainly to customers that have signed natural gas supply agreements with the partnership, until supplies reach land from the deepwater Tamar project.

Development will include drilling of two diagonal wells with subsea completions - Noa 2 and Noa 3 - to a planned vertical depth of 1,880 m (6,168 ft), including a water depth of 800 m (2,624 ft).

The wells should deliver 100 MMcm/d (3.5 tcf/d) through a pipeline to the Mari B reserve's extraction platform for processing, and onward transportation through an existing 30-in. (76-cm) pipeline to the Yam Tethys project's Ashdod receiving station.

Drilling of Noa 2 started on July 28, using the Noble Homer Ferrington. Development drilling on Noa North should be completed by September 2012.

The overall cost of the development is estimated at $212 million ($54 million to be incurred by Delek Drilling and $49 million by Avner Oil Exploration). The companies plant to cover these costs by drawing funds from the Yam Tethys financing agreement and from its current revenue flows.

08/02/2011



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