Noble Energy raises Tamar gas estimate to 10 TCF

Noble Energy said that Tamar's five subsea wells now produce gas totaling 300 million cubic feet per day.

Noble Energy Inc. (NYSE: NBL) has raised the gross resource estimate of the natural gas reserves at the Tamar field from 9 trillion cubic feet (TCF) to 10 TCF, on the basis of development drilling and continued reservoir analysis and modeling. The company added that Netherland Sewell & Associates Ltd. (NSAI) supports the new estimate

Today's announcement confirms an earlier report by Noble Energy's partner in Tamar, Delek Group Ltd. (TASE: DLEKG). The two companies are also partners in Yam Tethys and Leviathan.

Noble Energy added that all five of Tamar's five subsea wells now producing gas at stable rates totaling approximately 300 million cubic feet per day. Gas flows began on March 31 from the field's wellhead to the Tamar platform, and then to the Ashdod onshore terminal. This combined with the gas flow from the Mari-B well at Yam Tethys, is almost 500 million cubic feet per day, which will rise to an average of 700 million cubic feet per day through the rest of the year.

The Tamar field is designed to deliver natural gas rates up to 1 billion cubic feet per day, and will likely reach this maximum capacity during the peak summer demand in the third quarter this year.

Noble Energy chairman and CEO Charles Davidson said, "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."

Tamar five subsea wells are each capable of flowing 250 million cubic feet per day of natural gas. The gas is sent from the field through the longest subsea tieback in the world, 150 kilometers miles to the production 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.

Published by Globes [online], Israel business news - - on April 4, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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