The estimated reserves at Tamar have nearly doubled since Noble Energy published its first estimate.
The natural gas reserves in the Tamar offshore license are 10% more than previously estimated, according the latest annual review of oil and gas reserves sent to the US Securities and Exchange Commission (SEC) by gas and oil exploration companies.
The previous report by Tamar partner Noble Energy Inc. (NYSE: NBL), in August 2009, estimated Tamar's average potential recoverable reserves at 207 billion cubic meters. Israel currently consumes 4.5-5 billion cubic meters of natural gas a year.
The estimated reserves at Tamar have nearly doubled since Noble Energy published its first estimate.
Noble Energy owns 36% of Tamar, Delek Group Ltd. (TASE: DLEKG) subsidiaries Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L) each own 15.625%, Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L) owns 28.7%, and Dor Alon Energy in Israel (1988) Ltd. (TASE:DRAL) Dor Alon Energy Exploration Ltd. owns 4%.
Published by Globes [online], Israel business news - www.globes-online.com - on June 2, 2010
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