Noble Energy Optimistic About Prospects in East Med


Noble Energy wrote on Monday that the Israeli government will soon ratify a regulatory framework for natural gas development in the country, adding that the company remains committed to operations in the Eastern Mediterranean.

‘In the Eastern Mediterranean, Israel natural gas sales volumes averaged 217 MMcfe/d, equivalent to the second quarter of last year, reflecting mild seasonal weather demand in the second quarter of 2015’ reads a note released on Monday, reporting second quarter results.

In the second quarter, Israel remained the second geographical area in the company’s portfolio for natural gas sales volumes, which remained on 2014 levels.

Despite the lack of significant progresses, the company sounded optimistic about its prospects in the region.

“We have also worked with the government of Israel on establishing a regulatory framework for natural gas development, which is progressing toward final approval” David L. Stover, Noble Energy’s Chairman, President and CEO, commented.

The American company said that it is working with Israel’s Delek Group to begin regional gas marketing of the Aphrodite resources, while performing pre-FEED work for a potential development connecting the field to Egypt.

Last week, Israel’s Prime minister Benjamin Netanyahu visited Cyprus where he met with President Nicos Anastasiades. The two leaders agreed on strengthening energy ties and merging infrastructures to reach the European markets.