Noble Ups Tamar Estimates to 10 Tcf

Noble Energy, Inc. announced that the Tamar natural gas field offshore Israel has been successfully brought online with all five of the subsea wells now producing at stable rates totaling approximately 300 million cubic feet per day (MMcf/d). When combined with existing Mari-B volumes, the total current sales are nearly 500 MMcf/d and are expected to average 700 MMcf/d through the remainder of the year. Initial sales commenced March 31 as natural gas flowed from the field to the Tamar platform and then to the Ashdod Onshore Terminal.

The development is designed to deliver natural gas rates up to 1 billion cubic feet per day (Bcf/d). Volumes will likely reach this maximum capacity during the peak summer demand in the third quarter this year.

Charles D. Davidson, Noble Energy's chairman and CEO, commented, "In just over four years from discovery, the Tamar project is fully operational and delivering significant volumes of natural gas to Israel. The project is a technological and commercial milestone for Noble Energy and our partners. This is the third major global project we have brought online in the last 18 months and it will make a significant contribution to our continuing production growth. Building on this success, we are working with the government and our partners to sanction the next phase of development at Tamar and the domestic phase of Leviathan."

The gross resource estimate of Tamar has been increased to 10 trillion cubic feet (Tcf), up from 9 Tcf, as a result of development drilling and continued reservoir analysis and modeling. An independent assessment conducted by Netherland, Sewell & Associates, Inc. supports the new resource estimate.

The Tamar development includes five subsea wells capable of flowing 250 MMcf/d of natural gas each. Natural gas flows from the field through the longest subsea tieback in the world for more than 90 miles to a platform near the existing Mari-B structure. The Tamar platform is tied into the existing pipeline that delivers natural gas to the Ashdod onshore receiving terminal.

Noble Energy operates Tamar with a 36 percent working interest. Other interest owners are Isramco Negev 2 with 28.75 percent, Delek Drilling with 15.625 percent, Avner Oil Exploration with 15.625 percent and Dor Gas Exploration with the remaining 4 percent.

The Company is also the operator of Mari-B with a 47.059 percent working interest. Delek Drilling has a 25.5 percent interest, Avner Oil Exploration holds 23 percent and Delek Investment has 4.441 percent.

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Noble Ups Tamar Estimates to 10 Tcf

Noble Energy, Inc. announced that the Tamar natural gas field offshore Israel has been successfully brought online with all five of the subsea wells now producing at stable rates totaling approximately 300 million cubic feet per day (MMcf/d). When combined with existing Mari-B volumes, the total current sales are nearly 500 MMcf/d and are expected to average 700 MMcf/d through the remainder of the year. Initial sales commenced March 31 as natural gas flowed from the field to the Tamar platform and then to the Ashdod Onshore Terminal.

The development is designed to deliver natural gas rates up to 1 billion cubic feet per day (Bcf/d). Volumes will likely reach this maximum capacity during the peak summer demand in the third quarter this year.

Charles D. Davidson, Noble Energy's chairman and CEO, commented, "In just over four years from discovery, the Tamar project is fully operational and delivering significant volumes of natural gas to Israel. The project is a technological and commercial milestone for Noble Energy and our partners. This is the third major global project we have brought online in the last 18 months and it will make a significant contribution to our continuing production growth. Building on this success, we are working with the government and our partners to sanction the next phase of development at Tamar and the domestic phase of Leviathan."

The gross resource estimate of Tamar has been increased to 10 trillion cubic feet (Tcf), up from 9 Tcf, as a result of development drilling and continued reservoir analysis and modeling. An independent assessment conducted by Netherland, Sewell & Associates, Inc. supports the new resource estimate.

The Tamar development includes five subsea wells capable of flowing 250 MMcf/d of natural gas each. Natural gas flows from the field through the longest subsea tieback in the world for more than 90 miles to a platform near the existing Mari-B structure. The Tamar platform is tied into the existing pipeline that delivers natural gas to the Ashdod onshore receiving terminal.

Noble Energy operates Tamar with a 36 percent working interest. Other interest owners are Isramco Negev 2 with 28.75 percent, Delek Drilling with 15.625 percent, Avner Oil Exploration with 15.625 percent and Dor Gas Exploration with the remaining 4 percent.

The Company is also the operator of Mari-B with a 47.059 percent working interest. Delek Drilling has a 25.5 percent interest, Avner Oil Exploration holds 23 percent and Delek Investment has 4.441 percent.

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Natural Gas Begins to Flow From Israel's Tamar Field

JERUSALEM - Natural gas from Israel's offshore Tamar field began to flow into the country's energy grid Sunday after two years of a gas shortage. The gas will allow Israel to be energy independent for at least three decades, in addition to becoming a net exporter of gas, according to the Ministry of Energy and Water Resources.

The gas production from Tamar is also expected to add about 1% to Israel's economic growth this year, according to the Bank of Israel. Taking the gas production into account, gross domestic product is expected to grow 3.8% in 2013; without the gas, GDP would only grow 2.8%, the bank said. In 2012, GDP grew about 3%.

"This is an important day for the economy of Israel," Prime Minister Benjamin Netanyahu said in a statement. "This is something that will enhance the economy of Israel along with all the citizens of Israel."

Most of the gas from Tamar, which contains an estimated 9 trillion cubic feet of gas, will initially be used by the state-owned electric company. The electric company is currently in debt and has had to raise prices recently due to a gas shortage since a supply deal with Egypt fell apart in the wake of political regime change there. Since gas stopped coming in from Egypt in 2011, the electric company has had to rely on more expensive forms of fuel, including diesel.

Israel recently created a sovereign wealth fund for profits from the gas in Tamar and the nearby larger Leviathan field, which is scheduled to begin production later this decade.

Stakeholders in Tamar include Delek Drilling Ltd. Partnership and Avner Oil Exploration Ltd. Partnership both subsidiaries of Delek Group Ltd. which each hold a 15.6% stake; Isramco Negev 2 LP, which holds 28%; and Houston-based Noble Energy Inc., which holds 36%.

Copyright (c) 2012 Dow Jones & Company, Inc.

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