Noble Energy reports big gas find off Israel’s coast
Noble Energy says it’s made its biggest discovery ever, a huge natural gas field off Israel’s coast in the Mediterranean Sea .
Exploratory drilling shows the Tamar prospect off the coast of Haifa appears to hold 3 trillion cubic feet of gas—roughly the same amount as the company’s existing gas reserves. In a written statement, Noble Chairman and Chief Executive Charles D. Davidson said additional data could prove the find even bigger.
“Tamar represents our first exploratory well offshore Israel in more than five years,” Davidson said. “This is one of the most significant prospects that we have ever tested.”
Noble Energy operates the well and owns a 36 percent stake in the project. Other investors include Isramco Negev 2, Delek Drilling, Avner Oil Exploration and Dor Gas Exploration.
“We are witnessing an historic moment in Israel’s energy market,” Israel’s National Infrastructure Minister Binyamin Ben Eliezer said in a statement reported by Reuters. “If it turns out in a few weeks that the indicators received in recent days are true, then we are talking about the biggest find in Israel’s history.”
Stocks of the Israeli companies partnered with Noble Energy jumped in late trading in Tel Aviv on Sunday. Noble Energy’s stock is not trading today because the New York Stock Exchange is closed for the Martin Luther King Jr. holiday.
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