The Tamar South-West gas reservoir contains 30 BCM of natural gas.
A ruling issued today on development of the Tamar South-West natural gas reservoir approved an agreement between the gas partnerships and the Petroleum Commissioner. The partnerships thereupon withdrew their petition against the Commissioner.
Last July, Noble Energy Inc. (NYSE: NBL) and its partners in the Tamar reservoir petitioned the High Court of Justice to be allowed to develop the Tamar South-West gas reservoir, which contains 30 BCM of natural gas.
In their petition, the Tamar developers alleged that the Petroleum Supervisor had made approval for development of the reservoir contingent on illegal and irrelevant development requirements, principally an undertaking by the developers to pay the state a portion of their revenue from the sale of gas from the reservoir, in addition to taxes and royalties.
The Supervisor refused to authorize development, because some of the reservoir impinges on a different license area, the ownership of which is the subject of a dispute between the state and the Tamar developers.The Tamar South-West reservoir was discovered in December 2013 not far away from the main Tamar reservoir. Part of the reservoir, accounting for an estimated 20% of its volume, extends beyond the Tamar holding to the Eran license area, held by Delek Group Ltd. (TASE: DLEKG), Noble, and Ratio Oil Exploration (1992) LP (TASE:RATI.L).
Published by: www.globes.co.il
