The partners in the development of the Tamar offshore gas field near Haifa have approved the request of Noble Energy Inc. (NYSE: NBL) to purchase equipment and services worth $227 million for the development of the prospect.

Tamar partners Delek Group subsidiaries Avner Oil and Gas LP (TASE: AVNR.L)and Delek Drilling Limited Partnership (TASE: DEDR.L) each own 15.625% of the Tamar gas prospect, alongside Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L)with 28.75%, Noble Energy Inc. (NYSE: NBL) with 36%, and Dor Alon (TASE: DRAL) unit Dor Alon Energy Exploration Ltd. with 4%.

The partners have previously approved $230 million bringing expenditure in equipment and services by Noble to $457 million.

If there is a delay in the timetable for developing the gas field, Noble can postpone part of the investment and thus reduce its exposure to subcontractors.

Published by Globes [online], Israel business news - www.globes-online.com - on March 1, 2010

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