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Tuesday, December 14, 2010 3:15:40 AM
"There's been a lot of talk lately in Israel about raising royalties and taxes on gas discoveries, but I want to remind you about the savings to the Israeli economy from the use of natural gas. Gas from the Mary B well already saves $1 billion a year. The state has made a $5 billion profit from the Mary B well since 2004. For every dollar in come to the developers, the state gets $2.60 in direct and indirect taxes, and other fees," said Noble Energy Inc. (NYSE: NBL) CEO Charles Davidson at the "Globes" Israel Business Conference 2010 in Tel Aviv this morning.
Noble Energy and Yitzhak Tshuva-controlled Delek Group Ltd. (TASE: DLEKG) own the Mary B well through Yam Tethys. They are also partners in the Tamar and Dalit gas discoveries and in the Leviathan prospects.
Davidson said that gas from Mary B had already resulted in a reduction in electricity tariffs, which benefits all Israeli citizens, irrespective of any hike in royalties and taxes on gas discoveries, as proposed by the Sheshinski committee.
This is not an offer to buy or sell securities or any kind of investment advice. Oil investment carries very high risks so consult a licensed professional making any decisions. My resume is real time on Twitter @TurnKeyOil.
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