Israel's Pinnacle Well Will Begin Producing Gas In July
April 16 2012 - 8:15AM
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 former 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.
At 1114 GMT, shares of Avner were up 0.01 shekels, or 0.39%, at
ILS2.55 ($0.69), and shares of Delek Drilling were up ILS0.15, or
1.06%, at ILS14.32, in a higher Tel Aviv market.
-By Sara Toth Stub, Contributing to Dow Jones Newswires,
saratoth@gmail.com
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