Noble Energy Inc.
) announced the initiation of operations at the Tamar natural gas
prospect located off the coast of Israel. Noble Energy is the
major operator in Tamar owning 36% interest while Israel's
Isramco Negev holds 28.75%. Delek Drilling and Avner Oil
Exploration are the minor stake owners carrying 15.625% interest
each. The remaining 4% is retained by Dor Gas Exploration.
The Tamar field consists of five subsea wells, and each well
have a maximum capacity flow of 250 Million cubic feet per day
(MMcf/d). Currently, all the wells are producing natural gas
totaling 300 MMcf/d. Natural gas flows from the block and travels
90 miles to the Tamar platform near the current Mari-B prospect
and then to the Ashdod onshore terminal.
Combined with the Mari-B field volumes, the existing sales
figure stands at roughly 500 MMcf/d and is estimated to average
around 700 MMcf/d for the remaining part of 2013. The Tamar
development, however, has the ability to supply natural gas
volumes of 1 billion cubic feet per day (Bcf/d).
Meanwhile, the company expects the block to reach full
capacity at the peak summer season during third-quarter 2013. The
aggregate reserve estimate of Tamar increased to 10 trillion
cubic feet (Tcf) from 9 Tcf, on account of continuous drilling
and reservoir analysis.
Noble Energy stands to benefit from the rising gas demand
especially from Israel. Its Leviathan block in Eastern
Mediterranean will further assist in meeting the surge in demand.
The company is already in talks with the government and its
partners for the approval of the next stage of development works
at the Tamar and Leviathan prospects.
In early Mar 2013, the company reported a rise in the reserves
volume to 18 trillion cubic feet (Tcf) due to positive appraisal
results from the Leviathan play.
Noble Energy's multiple exploration programs in the U.S and
overseas will allow it to remain in a full development mode in
the coming quarters. The company strives on growth in reserves
and its rising presence in the resource-rich regions of West
Africa will ensure retention of a stable asset basket.
In domestic operations, Noble Energy's New Ventures project in
Nevada along with encouraging prospect from the Niobrara
formation will help fetch substantial returns.
Presently, Noble Energy carries a Zacks Rank #3 (Hold). Other
oil and gas operators performing favorably and to look out for
are Zacks Ranked #1 (Strong Buy)
Range Resource Corp.
) and Zacks Ranked #2 (Buy)
Quicksilver Resources Inc.
EPL Oil & Gas Inc.
Based in Houston, TX, Noble Energy, an independent energy
company, engages in the acquisition, exploration, development,
production, and marketing of crude oil, natural gas, and natural
gas liquids in the United States and worldwide.
EPL OIL&GAS INC (EPL): Free Stock Analysis
QUICKSILVER RES (KWK): Free Stock Analysis
NOBLE ENERGY (NBL): Free Stock Analysis
RANGE RESOURCES (RRC): Free Stock Analysis
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