Israeli legislation clears hurdles for offshore Leviathan gas project

Offshore staff

HOUSTON – Noble Energy says Israel’s government has implemented a natural gas framework through execution of Section 52 of the Restrictive Trade Practices Act.

This resolves and provides exemption from claims of the Anti-trust Authority concerning the Leviathan joint venture’s acquisition of petroleum rights in the underlying permits offshore Israel.

The new framework, Noble adds, provides the regulatory certainty and stability the partners need to proceed with expansion of the offshore Tamar project and the Leviathan development, while providing transparency for future domestic pricing and natural gas competition in Israel.

Leviathan will substantially expand Noble Energy’s capacity to deliver gas to Israel and the region.

In addition to advancing technical work and negotiating gas sales agreements for both projects, Noble is finalizing capital investment requirements ahead of final investment decisions prior to the end of 2016.

12/21/2015

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