After 12 years as the only foreign company drilling for oil and gas in Israel, Noble Energy Inc. (NYSE: NBL) is no longer alone. The Ministry of National Infrastructure's Oil Council today approved US energy explorer ATP Oil & Gas Corporation's (Nasdaq: ATPG) application to receive 40% of the exploration rights of Isramco Ltd. (Nasdaq:ISRL; TASE:ISRA.L) to the Shimshon, Daniel East and Daniel West licenses.
The Oil Council did not approve other partners who had applied for the Daniel license.
ATP is traded on Nasdaq with a market cap of $800 million, making it a far smaller company than Noble Energy. However, it has experience in deep water drilling, mainly in the Gulf of Mexico.
ATP had previously negotiated to buy stakes in the Myra and Sarah licenses.
Published by Globes, Israel business news - www.globes-online.com - on April 14, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011