Noble Energy Inc. (NYSE: NBL) and Delek Group Ltd. (TASE: DLEKG) have begun linking the Noa and Pinnacle natural gas fields to Yam Tethys's Mari B platform. The Helix Express rig has arrived in Israeli waters to lay the pipelines and related conduits.
The Noa field is located 20 kilometers west of the Mari B field in 800-meter water. Two wells have been drilled to the gas bearing strata, and will be connected to Mari B with an 8-inch pipeline. The Sedco Express rig completed drilling the wells this month. The wells will be controlled from the Mari B platform through subsea umbilicals. The Pinnacle field is located three kilometers from Mari B.
Development of the Noa field is costing $225 million. Noble Energy says that its development is one of the fastest projects in the industry, taking less than one year from sanction to subsea installation. It added that the expedited schedule reflects the company's commitment to supplying much-needed gas to the Israeli market until gas from the Tamar reserves begins to flow in 2013.
Noble Energy owns 47.1% of Noa, and Delek owns the rest through its gas exploration units Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L).
Published by Globes [online], Israel business news - www.globes-online.com - on May 15, 2012
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