docFinder alert PLS PLS
Week of March 25, 2013Volume 3, No. 5

Tamar First Production. Congratulations Noble Energy & Partners

Israel's new gas field will fuel strong economic growth



1 Bcf/d of Capacity

March 18, 2013

Full Presentation



In Pictures

December 06, 2012

Full Presentation

Saturday evening Noble Energy began first flow from gas wells of the 8 Tcf Tamar gas field in the Levant Basin, offshore Israel.  It is estimated the gas hit the sales meters thirty hours later. Among the notable achievements of the $3.2 billion project are 1) world-class execution - first production in just a little over four years after discovery and two and a half years after sanctioning, 2) the world's longest subsea tieback of 93 miles, 3) the expansion of a world class natural gas basin and 4) a path to energy independence for Israel. 

Charles Davidson, Noble Chairman and CEO stated "I congratulate the people of Israel on this transformational achievement, which significantly moves them toward energy independence and away from reliance on imports...The Tamar project is also a technological and commercial milestone for Noble Energy and our partners."

 According to Israeli Prime Minister Benjamin Netantyahu, "We are taking an important step toward energy independence. In the past decade we have promoted Israel's gas sector and this will enhance Israel's economy and benefit all the country's citizens."  

 Tamar's first production is just the latest commercial achievement by Noble Energy, which has been operating in Israel for over a decade. Tamar was the world's largest conventional natural gas field discovery in 2009 and the result of a dedicated scientific effort by Noble's team to map the Levant Basin. Concurrently, Noble increased its leasehold position from 600,000 gross acres to 3,000,000 gross acres.

Tamar capacity is designed for delivery onshore of 985 MMcfpd with future expansion of up to 1.6 Bcfpd.  Noble is also evaluating a future floating LNG facility for Tamar gas.

Partners in the Tamar gas field include operator Noble Energy (36%), Isramco Negev (28.75%), Delek Drilling (15.625%), Avner Oil Exploration (15.625%) and Dor Gas Exploration (4%). 


More HOT slides and data below. 

     Shown below are more slides from Noble Energy showing their future and historical activity in Levant Basin. Also, here are slides from Adira Energy showing other oil and gas explorers offshore Israel as well as Eastern Mediterranean licenses and discoveries.  Adira's chief is Jeffrey Walter, who led Noble's team in the Tamar discovery.  Here is another slide showing the new entrants into the Levant Basin via the recently concluded 2nd Licensing Round offshore Cyprus.  And here is a slide showing new blocks being offered offshore Lebanon courtesy of Cairn Energy Plc.


Did you know?

Oil company execs, investors and bankers know full well the value of "competitive reconnaissance." PLS' new docFinder database is a valuable DATA source to help you stay current on industry and company developments.  DocFinder lets you quickly view and compare type curves, oil price differentials, drilling costs, operating costs, CAPEX plans past, present and future, and other critical data.  

Start your free trial to docFinder today!

featured.slides from docFinder

Slide Slide Slide Slide

Next Up: Leviathan

18 Tcf & 2016 Startup

March 18, 2013


Tamar Impact

Value for Stakeholders

December 6, 2012


Tamar Discovery!

March 2009

March 24, 2009


Tamar Prospect

3.5 Tcf Target in 2008

May 28, 2008


Noble just increased its gross recoverable estimate of Leviathan to 18 Tcf. The 2nd appraisal well penetrated 454 ft of net pay - the thickest pay encountered to date. The enormous field (overlayed on 24 equivalent GOM OCS blocks in the map above) is expected to be sanctioned this year with Phase One plans of 750 MMcfpd domestically plus 850 MMcfpd for export. Noble operates with a 39.66% interest. Other owners are Delek Drilling, Avner Oil (22.67% each) and Ratio Exploration (15%). Noble is negotiating with Australia's Woodside Petroleum regarding a $802 MM farmout of a 9.66% interest.


Tamar's production is significant. Impact includes Israel energy savings of $130 billion over the life of the field plus CO2 emissions reduction equivalent to all cars in Israel for 14 years. According to the Bank of Israel, Tamar production will add a full percentage point to Israel's GDP this year which is expected to reach 3.8%. The slide above also shows a strong production plateau. Additional revenue will come from gas condensate expected to be $50 million/year (1.2 - 1.5 bbl/MMcf). This slide shows Tamar sales with Mari-B sales will result in prices ranging from $5.20/Mcf to $5.60/Mcf through 2015.


The slide above is from a March 2009 Noble Energy presentation announcing a “significant new discovery” at Tamar. The 30 MMcfpd well test, limited by equipment and models, suggested the well capable of more than 150 MMcfpd. At the time, Tamar’s resource mean estimate had been boosted to 5 Tcf. Noble’s efforts in Levant Basin continued with additional prospects and 3D shoots. In the same presentation, Noble shows its large foothold offshore Israel noting its Mari-B platform produced 340 MMcfd in 2008. Israel’s domestic natural gas demand was growing rapidly and forecast to reach 1 Bcfpd around 2014.


This slide is from a May 2008 presentation that shows Tamar as a prospect with plans to spud in Q4 2008. In 2008, Noble had a 33% WI and mean resources for the Tamar prospect of 3.1 Tcfe with a 35% chance of geologic success. The map also shows Noble’s pending licenses at the time which would increase its leasehold position from 800,000 acres to 2,100,000 acres. Driving the search for new gas offshore Israel at the time was the forecast decline of the Mari-B field in 2012 and the need for new gas fields to avoid a high reliance on imports. So in less than five years, Noble brought a 3.5 Tcf prospect to an 8.0 Tcf producing field reality.


Full Presentation

Full Presentation

Full Presentation

Full Presentation

featured.transactions from PLS global M&A database

03/28/13Tokyo Gas buys 25% interest in Quicksilver's Barnett assets$485 MM
03/22/13Sinopec and parent form $3 billion upstream joint venture$3,000 MM
03/18/13Sanchez Energy buys Eagle Ford assets from Hess$265 MM
03/18/13Whitecap Resources acquires Invicta Energy$59 MM

Source: PLS M&A Database