Sources inform ''Globes'' that Gas deliveries from Mari B well in the offshore Yam Tethys gas field have been been resumed after a technical problem in one of the compressors, which had halted supplies was repaired. There had previously been panic that Israel Electric Corporation (IEC) (TASE: ELEC.B22) would be forced to raise prices with its only source of natural gas, which is used to generate one-fourth of Israel's electricity, suspended.
Noble Energy Inc. (NYSE: NBL) had previously told "Globes" that intensive efforts were being made to rectify the problem, but could not estimate at this time how long repairs will take.
Noble Energy owns Yam Tethys with Yitzhak Tshuva-controlled Delek Group Ltd. (TASE: DLEKG).
Had the problem persisted over the next few days, the IEC would have been forced to use diesel to produce electricity - which in the long-term would raise electricity rates by tens of percentages.
Since the suspension of Egyptian gas deliveries, due to attacks on the pipelines in Sinai, Yam Tethys has been Israel's only gas supplier.
Published by Globes [online], Israel business news - www.globes-online.com - on December 6, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011