Israel power needs drive increased offshore gas production

Offshore staff

HOUSTON – Noble Energy reports natural gas sales offshore Israel during 4Q 2015 averaged 252 MMcf/d, up 10% on the corresponding quarter of the previous year.

The rise was driven by higher domestic power generation needs.

Among other recent developments in the Eastern Mediterranean, Israel’s government implemented a natural gas regulatory framework, allowing Noble to start marketing supplies from the deepwater Leviathan gas field project to Israeli customers.

In addition, the company signed a letter of intent to supply Dolphinus Holdings with around 400 MMcf/d from Leviathan over 10 years for industrial use in Egypt, and Noble also received its first export permit for future gas sales to Egypt.

The divestment of the offshore Tanin and Karish fields, requested by the government, raised $73 million and was received in January.

Off neighboring Cyprus, Noble initiated marketing to regional customers for gas from the deepwater Aphrodite field in block 12, while BG International (set to be acquired by Shell) has paid $125 million toward an agreed farm-in. The remaining $40 million will be paid early next year.


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