80% of the Tamar natural gas field pipeline has already been manufactured and is waiting at Israel Shipyards The partners will begin laying the pipeline this year and it will be completed by the second quarter of 2012. Delivery of the pipeline's receiving, command and control components is due in the fourth quarter of 2012.
Noble Energy Inc. (NYSE: NBL) 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) unit Alon Natural Gas Exploration Ltd. (TASE: ALGS) owns 4%.
According to a presentation by Alon Natural Gas, Tamar production wells are due to be completed during the first quarter of 2012. The upper sections of the 3, 4, 5, and 6 wells have been completed. The Tamar 3 and Tamar 5 wells have been deepened to the final measuring depth. Drilling of the Tamar 5 and Tamar 6 production wells began in April, and should take a year.
In July 2011, Netherland Sewell and Associates Inc. estimated the average potential of Tamar proved and potential reservoir at 259 billion cubic meters of natural gas, and that the reservoir's potential revenue is $73 billion, based on $5.50 per million British Thermal Units in August.
Published by Globes [online], Israel business news - www.globes-online.com - on September 1, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011