Noble Energy Inc. (NYSE: NBL) plans to make Final Investment Decisions (FIDs) on at least one of its two Israeli gas fields - Tamar and Leviathan in about a year CEO David Stover told "Upstream."
He said, "We see the two fields as separate investments. The investment in Tamar depends on a contract with Union Fenosa and the investment in Leviathan depends on if the company succeeds in signing contracts and obtaining the required finance to develop the field."
Stover's comments came after the US energy company reported its third quarter financial results. Noble Energy lost $283 million ($0.67 per share) down from a net profit of $419 million ($1.12 per share) in the corresponding quarter of 2014. Revenue fell 37% to $801 million. However, the company reported that Israel gas sales rose 15% to 303 million cubic feet.
Stover also mentioned the contract Noble and the Tamar partners had signed with Egyptian company Dolphinus Holdings in October 2014 to supply Egyptian industrial companies and said, "The project can be completed in the coming months. It's only a matter of signing the binding contracts and getting the two governments to approve the agreement. I know that they both support it.
Published by Globes [online], Israel business news - www.globes-online.com - on November 3, 2015
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