UPDATE: Israel's Pinnacle Well Will Begin Producing Gas In July
16 Aprile 2012 - 4:29PM
Dow Jones News
Two Israeli energy companies, Avner Oil and Gas Ltd. Partnership
(AVNR.L.TV) and Delek Drilling Ltd. Partnership (DEDR.L.TV), said
Monday that one of their small exploration wells will begin
producing natural gas in July and help meet Israel's energy needs
until their larger reserve, Tamar, is able to start production next
year.
The Pinnacle 1 exploration well will begin producing gas in
July, just as Israel's only active gas reservoir, Yam Tethys, is
being depleted. The Pinnacle well likely contains up to 1.3 billion
cubic meters of natural gas, according to a survey by Netherland
Sewell & Associates Ltd.
The Tamar reserve contains at least 9 trillion cubic feet of
natural gas.
Due to disruptions in the supply of natural gas from Egypt,
following several attacks on the pipeline in the Sinai peninsula
after the fall of president Hosni Mubarak, Israel has had to rely
more heavily on diesel and other forms of energy. As a result,
electricity prices have risen and are likely to rise more this
summer, according to the government.
Houston-based Noble Energy Inc. (NBL) partially owns the
Pinnacle 1 well and the Tamar reserve along with Avner, Delek
Drilling and several other smaller Israeli companies.
Israel's energy supply continues to be a major concern for both
the government and private sector.
In a meeting with Noble executives Monday, Israeli prime
minister Benjamin Netanyahu said the construction of a second
natural gas processing terminal on Israel's coast is essential for
the country's energy security and the stability of energy companies
operating here, according to a statement from Netanyahu.
The Noble executives told Netanyahu that they are making every
effort to meet or even beat the April 2013 target date for gas
production to start at the Tamar field.
Monday, shares of Delek Drilling closed up 0.23 shekels, or
1.62%, at ILS14.40 ($3.89), and shares of Avner closed up ILS0.017,
or 0.67%, at ILS2.56, in a higher Tel Aviv market.
-By Sara Toth Stub, contributing to Dow Jones Newswires,
saratoth@gmail.com
Grafico Azioni Avner Oil and Gas (CE) (USOTC:AVOGF)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Avner Oil and Gas (CE) (USOTC:AVOGF)
Storico
Da Lug 2023 a Lug 2024