Following the highly positive survey of the Leviathan oil license this morning Noble Energy (NYSE:NBL) CEO Charles Davidson said he expected Israel to become an energy exporter. He said, "In addition to the increase in estimated Tamar resources, we have identified significant additional drilling opportunities nearby which, if successful, could position Israel as a potential energy exporter in future years."
He added, "We have a rich portfolio and opportunities and we will take advantage of them. We will search only in suitable locations and places that serve our interests.
Davidson said that he expected Noble Energy's annual gas production to increase by 10% annually over the next five years while the company will invest $2.6 billion in gas and oil exploration over the next five yeas.
Noble owns a 39.66% stake in the licenses, Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L) each own 22.67%, and Ratio Oil Exploration (1992) LP (TASE:RATI.L) owns 15%.
Noble Energy owns 36% of Tamar, Delek Group Ltd. (TASE: DLEKG) subsidiaries Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L) each own 15.625%, Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L) owns 28.7%, and Dor Alon Energy in Israel (1988) Ltd. (TASE:DRAL) Dor Alon Energy Exploration Ltd. owns 4%.
Published by Globes [online], Israel business news - www.globes-online.com - on June 3, 2010
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