Israeli Natural Gas Partners Announce New Drilling Plans
The partners in two large Israeli offshore natural gas fields said they will soon begin drilling in another nearby field.
The new field, Eran, which is located off Israel’s northern coast is estimated to contain about 684 billion cubic feet of gas, a much smaller amount than the partners’ nearby Tamar and Leviathan fields.
The partners, which include Houston-based Noble Energy Inc. (NBL), and Israeli companies Delek Drilling Ltd. Partnership (DEDRL.TV), Avner Oil Exploration L.P. (AVNRL.TV), and Isramco Negev 2 L.P. (ISRAL.TV), said they plan to spend $122 million on drilling in Eran. That budget doesn’t include production tests.
The recently-discovered fields of Tamar and Leviathan, are expected meet all of Israel’s natural gas needs for at least three decades, as well as make Israel an exporter of gas.
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