Israel-US consortium sinks $265 million in new gas well

Baku, July 11, AZERTAC

A consortium led by US firm Noble Energy has approved a $265 million project to drill a new well in a major natural gas field off Israel, according to the Times of Israel.

Delek Drilling and Avner Oil Exploration, Israeli firms that are part of the partnership led by Noble, announced the financing for the Tamar field in the Mediterranean.

“The Tamar partners decided to approve a budget of about $265 million for drilling ‘Tamar 8’ and connecting to existing infrastructure in the Tamar field,” Delek and Avner said in a joint statement.

Tamar 8, the field’s sixth production well, is located about 100 kilometers (60 miles) offshore and would reach a depth of around 3.5 kilometers below the sea bed, it said.

Drilling is projected to start in the last quarter of this year.

Completion of the well and its connection to the existing pipe network is expected to take four months, the statement added.

The Tamar field was discovered in 2009 and began pumping in 2013.

It is located some 130 kilometers off the Mediterranean port city of Haifa and has estimated reserves of up to 238 billion cubic meters (8.4 trillion cubic feet). Its gas is so far being used for domestic supply within Israel.

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