Tamar natural gas output reaches record 1 BCF per day

Tamar

Noble Energy has raised its third quarter guidance due to strong production figures from its investments in Israel and abroad.

Noble Energy raised its expected third quarter revenue guidance following strong production performance over the summer months of July and August. The company credited its DJ Basin (Colarado) operations for primarily driving the forecast change, but also noted the strong production in Texas, Equatorial Guinea, and Israel.

Noble Energy further announced that natural gas revenue in Israel reached a record with the Tamar well averaging more than one billion cubic feet (BCF) of natural gas per day, in gross terms, for the month of August.

Noble Energy chairman, president and CEO David L. Stover said, “We are encouraged by the Knesset's vote expressing broad support for the framework, marking another step forward toward gas development. It is imperative that the government of Israel now act upon this support and follow through on this approved framework without further delay.

“Noble Energy remains prepared to conclude the negotiation of gas sales contracts, both in Israel and the regional market, and reengage project teams to advance the expansion of Tamar and initial development of Leviathan toward sanction. Development of these major projects will allow Israel to bring a second source of natural gas to the country and realize significant additional revenues, while meeting substantial underserved regional gas needs.”

Published by Globes [online], Israel business news - www.globes-online.com - on September 12, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

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