The recommendation is the latest development following the natural gas discovery at the Tamar prospect.
The Natural Gas Authority recently advised Minister of National Infrastructures Benjamin Ben-Eliezer and Minister of Finance Ronnie Bar-On to amend the format of the tender for the construction of a liquid natural gas (LNG) terminal, and also to cancel plans for a contract with another natural gas supplier. The recommendations are the latest developments following the natural gas discovery at the Tamar prospect offshore from Haifa.
The recommendations are significant, and follow the revision of the natural gas reserves at Tamar to 142 billion cubic meters. The recommendations aim to give priority to domestic natural gas production. Nonetheless, the Natural Gas Authority set its recommendation as depending on the partners in the Tamar prospect promising to expedite the construction of gas production and delivery infrastructures and the adaptation of Yam Tethys's natural gas reserves offshore from Ashkelon to store gas.
Noble Energy Inc. (NYSE: NBL) owns 36% of the Tamar prospect, Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L) owns 28.75%, Delek Group Ltd. (TASE: DLEKG) subsidiaries Delek Drilling LP (TASE: DEDR.L) and Avner Oil and Gas LP (TASE: AVNR.L) each own 15.625%, and Alon Israel Oil Company Ltd. subsidiary Dor Gas Exploration Ltd. owns 4%. Delek Group also owns Yam Tethys.
Published by Globes [online], Israel business news - www.globes-online.com - on March 9, 2009
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