The partnerships that own the rights in the Tamar gas reservoir notified the Tel Aviv Stock Exchange this morning that they had decided to carry out an additional development and production drilling in the reservoir, Tamar 8, and to set up supporting infrastructure, at a total investment of $265 million.
Delek Drilling, Avner Oil and Gas LP (TASE: AVNR.L) and Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L) said in the notice to the stock exchange, "In the light of the amount of production from the Tamar reservoir, and in the light of existing and expected demand for natural gas from it, the drilling operator, Noble Energy, recommended carrying out the drilling, with the aim of boosting the reserves in the production system, to make maximum supply possible from the reservoir at times of peak demand."
Drilling is expected to begin in the fourth quarter of this year and to last four months, including connection to the production system. The drilling will take place about 100 kilometers west of Haifa, in water 1,670 meters deep, and to a planned final depth of 5,050 meters below sea level.
Published by Globes [online], Israel business news - www.globes-online.com - on July 3, 2016
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