Noble Energy to make investment decision on Israel gas fields in a year

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Noble Energy (NBL) says it expects to make a final investment decision on the Leviathan and Tamar natural gas fields offshore Israel in about a year, a day after the country promised to fast-track the projects. “Yesterday’s announcement from the Prime Minister’s office is a further indication of the commitment to moving forward with gas development,” NBL CEO David Stover said during the earnings conference call.

The framework deal reached in August gives control of Israel’s Leviathan gas field, with reserves of 22 Tcf, to a consortium led by NBL and Delek Group; first production would take 3-4 years from the final investment decision, Stover said on the call.

NBL is looking at a separate Final Investment Decision for the Tamar field, which started production in 2013 and has reserves of 10 Tcf, the CEO said.