Noble Energy CEO to visit Israel this week

Charles Davidson reportedly wants to persuade the Israeli government to allow gas exports.

Noble Energy Inc. (NYSE: NBL) chairman and CEO Charles Davidson will visit Israel this week to mark the start of gas flow from the Tamar field. The visit is reportedly also intended to help persuade the Israeli government to allow gas exports. The government is shortly due to decide whether to approve the Tzemach Committee recommendations for gas exports.

The committee, chaired by Ministry of Energy and Water Resources director general Shaul Tzemach, advises allowing the export of up to 50% of each gas field's reserves. "Globes" reported that the partners in Prime Minister Benjamin Netanyahu's new government promised in the coalition agreements to support "government decisions on energy supplies" and "decisions and bills that the prime minister will submit to regulate the gas and energy industry."

Environmental, energy, and cost of living organizations, including the Israel Energy Forum and Israel Yakar Lanu (Israel is Dear to Us), oppose plans to export natural gas. The Israel Union for Environmental Defense today called on MKs to oppose gas exports, on the grounds that the Tzemach Committee relied on overly optimistic forecasts and speculative conclusions about the country's gas reserves. In a document sent to MKs, the NPO said that there was no basis for the claims by energy exploration companies that there is no economic justification to develop the Leviathan field without exports.

Published by Globes [online], Israel business news - - on April 7, 2013

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

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