Ministry gives nod to develop Noa gas field

Approval has been withheld up to now because of fears of complications with the Palestinian Authority.

Minister of National infrastructures Dr. Uzi Landau has instructed Noble Energy to develop the Noa North gas reserve in the Noa license. Sources inform "Globes" that the final decision to develop the field came after operator Noble Energy convinced Ministry of National Infrastructures experts that he field did not spill over into other parts of the reserve, which is partly under the jurisdiction of the Palestinian Authority in the economic zone of the Gaza Strip.

Up to now, Landau has refrained from ordering development of the Noa field, fearing that this would lead to diplomatic problems vis-à-vis the Palestinian Authority. "Globes" reported in the past that Prime Minister Benjamin Netanyahu discussed the matter with President of the Palestinian Authority Mahmoud Abbas.

Noble Energy holds 47% of Noa, the other 53% being held by Delek Group Ltd. (TASE: DLEKG), mainly through Delek Drilling LP (TASE: DEDR.L) and Avner Oil and Gas LP (TASE: AVNR.L).

A letter sent yesterday by recently appointed Petroleum Supervisor Michael Gardosh states that the total amount of gas that will be produced from the field is 1.2 billion cubic meters. This quantity should make up the shortfall in gas liable to arise if gas supplies from Egypt are cut off of if there is a delay in the supply of gas from the Tamar discovery.

Published by Globes [online], Israel business news - www.globes-online.com - on June 13, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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