The Tamar partners have announced a natural gas discovery at the Tamar SouthWest well. Initial assessments suggest that the size of the discovery makes it economically justified to develop.
Last week, the Tamar Southwest partners reported significant signs of hydrocarbons at the well. The starting depth of the signs was 4,855 meters below sea level. The partners did not mention the expected amount of gas, but it is reportedly about 0.7 trillion cubic feet (TCF), compared with 10 TCF at Tamar, with a 90% probability of a discovery.
The Tamar SW well will reportedly be used instead of a second production well at the Tamar field. This would be a development drilling for adding a production well to the five wells currently operating at Tamar. The well was planned for 2015, but a consultancy firm hired by the Ministry of National Infrastructures warns that the gas pressure in the Tamar field is liable to fall faster than expected, and the drilling was brought forward to this year. The reason for the drop in pressure is that the Tamar production platform is located at the Yam Tethys field, 150 kilometers from Tamar.
Tamar Southwest comprises two licenses: Tamar I/12 and Eran. Noble Energy Inc. (NYSE: NBL) owns 36% of Tamar I/12, Delek Group Ltd. (TASE: DLEKG) subsidiaries Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L) each own 15.625%, Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L) owns 28.75%, and Alon Natural Gas Exploration Ltd. (TASE: ALGS) owns 4%. Noble Energy owns 39.66% of Eran, Avner and Delek Drilling each own 22.67% and Ratio Oil Exploration (1992) LP (TASE:RATI.L) owns 15%.
Published by Globes [online], Israel business news - www.globes-online.com - on December 4, 2013
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