Noble Energy says Israeli decision forces halt on all investment in the country

 

Noble Energy says its disputes with Israel’s antitrust regulators has forced it to stall virtually all of its investments this year in two massive offshore natural gas fields in the Mediterranean Sea.

In today’s earnings call, CEO David Stover called Israel’s antitrust decision an example of the uncertain regulatory environment in the country and said the two sides must come to an agreement before Noble could invest significantly in Israel’s energy sector.

The two offshore gas fields, the Leviathan and the Tamar, hold the vast majority of Israel’s gas reserves, with more than enough to feed domestic demand, bring down electricity costs in the nation and have more gas for exports

Stover said Noble had signed a letter of intent with a customer in Egypt to supply up to 250M cf/day of gas from Tamar, but it has not booked any of the sales because of the impasse with Israel’s government.