Israel: a Bright Spot for Noble

Noble Energy recorded a net loss of $144mn in Q3, halving its Q3 2015 loss of $286mn. The company's most profitable region was Israel, where the company recorded revenues of $150mn and income before taxes of $135mn. That compares to $647mn revenues from operations in the US and a loss before taxes of $407mn.

Noble reported record sales in Israel following the decision by the energy ministry to accelerate the use of natural gas for power generation by 15% from 2015 to 2016.

Noble sold 310mn ft³/d in Israel, an increase of 2.3%. The average gas price in Israel was $5.22/mn Btu while in the US the average price was $2.38/mn Btu.

Leviathan's customer, Jordan's Nepco

In an analyst press conference David Stover, Noble President and CEO said the "excellent progress on Leviathan [was achieved] and have line of sight on projects sanctioned around the end of the year or early next year." So far Leviathan has contracted  450mn ft³/d for 15 years which Noble estimates at $12bn.

In two weeks time Noble said it will hold an investor call to elaborate on its capital expenditure plans for future projects.

Ya'acov Zalel