Energy minister: There will be gas exports

Silvan Shalom told Woodside CEO Peter Coleman that the issue of gas exports will be decided in May.

The government will decide on natural gas exports in May, said Minister Energy and Water Resources Silvan Shalom today, after meeting Woodside Petroleum Ltd. (ASX: WPL) CEO Peter Coleman.

"There won't be no gas exports," said Shalom. "We will do everything to attract foreign companies to work and invest in Israel to make new discoveries. We must find the right balance between keeping our natural resources for future generations and attracting foreign companies to invest in Israel. I will try to persuade my cabinet colleagues to act on this basis."

Coleman told Shalom that Woodside holds that the Tzemach Committee report on gas exports should be approved and implemented quickly. He added that to lower the price of natural gas for domestic use, Israel must export gas. He said that Woodside would not make any preconditions and that it was committed to invest in Israel.

In December, Woodside signed a letter of intent to acquire 30% of the rights to the Leviathan gas field from its current owners, Noble Energy Inc. (NYSE: NBL), Delek Group Ltd. (TASE: DLEKG), and Ratio Oil Exploration (1992) LP (TASE:RATI.L). Coleman mentioned the importance of developing Leviathan and make new discoveries. The Leviathan 4 well, now under way, is targeting deep oil-bearing strata beneath the gas-bearing strata.

Published by Globes [online], Israel business news - - on April 25, 2013

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

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018