Gas sales grow from deepwater Tamar field

Offshore staff

HOUSTONNoble Energy’s net gas sales volumes from its fields offshore Israel hit a new record of 313 MMcf/d during 3Q.

The higher volumes were due mainly to increased displacement of coal for natural gas in Israel’s power generation sector, growth from industrial customers, and strong seasonal weather demand.

Production from the Tamar field, which started up in 2013, reached a cumulative 1 tcf during the reporting period.

Noble expects to close an agreement to sell a 3% stake in Tamar for $369 million pre-tax later this month.

The company also continues to progress marketing of gas from the deepwater Leviathan field, having executed a contract to supply up to 350 MMcf/d, or 1 tcf, to NEPCO of Jordan for power production facilities over a 15-year period. Anticipated gross contract revenues are around $10 billion.

In the meantime, front-end engineering and design continues for the Leviathan production platform.

11/02/2016

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