Noble Energy provides update on regulatory matters in Israel

Noble Energy Inc. (NYSE: NBL) and its partners in the Leviathan field were advised on Dec. 23 by the Israel Anti-trust Authority of its decision to not submit the consent decree to the anti-trust tribunal for final approval. In response, Noble Energy and partners have requested a hearing on the topic with the anti-trust authority, which Noble Energy expects to occur in the next few weeks. 

In March, Noble Energy, its partners, and the anti-trust authority reached agreement for the consent decree that included the divestiture of the Tanin and Karish gas fields. This agreement is a key component for the final investment decision on the Leviathan development. 

Charles D. Davidson, Noble Energy's chairman, commented, "The actions of the anti-trust authority are another disturbing example of the uncertain regulatory environment in Israel. Specifically, this is a matter that we believed was resolved some time ago and follows on recent assurances from the anti-trust authority that approval was forthcoming. We believe this is a harmful precedent for Israel to set and we will vigorously defend our rights relating to our assets." 

David L. Stover, Nobel president and CEO, added, "We are disappointed in this latest communication from the anti-trust authority. Final resolution of this item, as well as a number of other regulatory matters, is required before we proceed with additional exploration or development investments in our Israel business."

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...