Minister of National Infrastructures Uzi Landau today approved the development plan for the Tamar natural gas well submitted by Noble Energy Inc. (NYSE: NBL), Delek Group Ltd. (TASE: DLEKG), and Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L). The partners will build an underline gas pipeline from the Tamar drilling platform to the Yam Tethys platform at the Mary B well, where the gas will be sent via the existing pipeline to the onshore terminal at Ashdod.
The Ministry of National Infrastructures and Noble Energy will agree on the terms for building a gas terminal in northern Israel, depending on production at Tamar, new offshore gas discoveries, the future mix of Israel's gas suppliers, and other conditions.
The Ministry of National Infrastructures believes that today's deal will enable gas deliveries from Tamar to begin by 2013. The ministry cited two reasons for this date: gas from Mary B will run out, and growing demand for gas by the economy.
The news came too late to help the shares of Tamar's Israeli partners: Avner Oil and Gas LP (TASE: AVNR.L) fell 0.2% and Delek Drilling LP (TASE: DEDR.L) fell 1% (although their parent Delek Group Ltd. (TASE: DLEKG) rose 1.9%), and Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L) fell 3.4%.
Published by Globes [online], Israel business news - www.globes-online.com - on August 10, 2010
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