Tamar Partners Order New Well

The Tamar consortium has decided to drill a new well in the gas field: Tamar 8. The drilling is scheduled to take place during the fourth quarter and will take four months including works to connect the well to the subsea infrastructure. The well will be drilled 100 km off shore, west of Haifa. Water depth at the drilling site is 1,670 m and the total drilling depth is planned for 5,050 m from sea level. The operator of Tamar is Noble Energy which also has a 36% shareholding in the project.

The well's costs are budgeted at $265mn, of which $160mn for the drilling and $105mn for the infrastructure. The partners had already spent $37mn on developing Tamar SW so the actual cost will be $228 mn, according to a Delek Drilling filing to the stock exchange. The tender for the drilling rig is now ongoing and is expected to be concluded within the next few weeks.

According to sources in Leviathan, the rig that will be used to drill in Tamar may continue to drill in the development of Leviathan next year.

Ya'acov Zalel