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Noble Energy announces production from Tamar and an increase in resource estimate

HOUSTON -- Noble Energy today announced that the Tamar natural gas field offshore Israel has been successfully brought online with all five of the subsea wells now producing at stable rates totaling approximately 300 MMcfpd. When combined with existing Mari-B volumes, the total current sales are nearly 500 MMcfd, and are expected to average 700 MMcfd through the remainder of the year. Initial sales commenced March 31 as natural gas flowed from the field to the Tamar platform, and then to the Ashdod onshore terminal.

The development is designed to deliver natural gas rates up to 1 Bcfd. Volumes will likely reach this maximum capacity during the peak summer demand in the third quarter this year.

Charles D. Davidson, Noble’s chairman and CEO, has called the Tamar project a technological and commercial milestone for the company and its partners. Noble is working with the Israeli government to sanction the next phase of development at Tamar and the domestic phase of Leviathan.

The gross resource estimate of Tamar has been increased to 10 Tcf, up from 9 Tcf, as a result of development drilling and continued reservoir analysis and modeling. An independent assessment conducted by Netherland, Sewell & Associates supports the new resource estimate.

The Tamar development includes five subsea wells capable of flowing 250 MMcfd of natural gas each. Natural gas flows from the field through the longest subsea tieback in the world for more than 90 miles to a platform near the existing Mari-B structure. The Tamar platform is tied into the existing pipeline that delivers natural gas to the Ashdod onshore receiving terminal.

Noble operates Tamar with a 36 percent working interest. Other interest owners are Isramco Negev 2 with 28.75 percent, Delek Drilling with 15.625 percent, Avner Oil Exploration with 15.625 percent and Dor Gas Exploration with the remaining four percent.

The company is also the operator of Mari-B with a 47.059 percent working interest. Delek Drilling has a 25.5 percent interest, Avner Oil Exploration holds 23 percent and Delek Investment has 4.441 percent.

In addition to this activity, Noble has additional offshore Eastern Mediterranean operations, plus assets onshore in the U.S., in the deepwater Gulf of Mexico and offshore West Africa.

04/04/2013

 

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