Noble Energy Asks Israel to Avoid Further Delays

Noble Energy piled further pressure on Israel to approve the regulatory framework meant to facilitate the development of its Tamar and Leviathan discoveries. 

“Under the leadership of the Prime Minister and the Minister of Energy and Water Resources, a regulatory framework meeting these objectives has been overwhelmingly approved by the Israeli cabinet and yesterday was presented to the Knesset.  It is imperative that the government of Israel follow through on this approved framework without further delay. Noble Energy remains fully prepared, and is well positioned, to take the actions necessary to protect the value of its assets” David L. Stover, Noble Energy's Chairman, President and CEO, commented on Thursday. 

According to the note published by the Houston-based company, regional demand supports the further development of the two fields.  

“Noble Energy continues its ongoing discussions with natural gas customers throughout the region, and yesterday the government of Egypt publicly reiterated its support for the import of gas from Israel for both domestic and LNG export purposes” Stover said.  

Consultancy WoodMackenzie wrote on Tuesday that Eni's giant discovery is set to transform Egypt's gas outlook.

‘Eni recently announced a giant discovery at its Zohr prospect in offshore Egypt. Estimated to hold 30 trillion cubic feet (tcf) of lean gas , it is one of the most significant global finds of the past decade’ WoodMackenzie wrote on its website.

The consultancy thinks that LNG imports will reach close to 6 mmtpa next year, but Egypt will then walk toward energy self-sufficiency.  

’An additional 2.5-3 bcf/d of gas from Zohr - over 60% of Egypt's current indigenous supply - will negate the need for long-term imports.’ As the moratorium on expors from new discoveries remain in place, WoodMackenzie said that all Zohr gas should supply the domestic market.