Noble Energy Announces Production From Tamar And An Increase In Resource
HOUSTON, April 4, 2013
HOUSTON, April 4, 2013 /PRNewswire/ -- Noble Energy, Inc. (NYSE: NBL) today
announced that the Tamar natural gas field offshore Israel has been
successfully brought online with all five of the subsea wells now producing at
stable rates totaling approximately 300 million cubic feet per day (MMcf/d).
When combined with existing Mari-B volumes, the total current sales are nearly
500 MMcf/d and are expected to average 700 MMcf/d through the remainder of the
year. Initial sales commenced on March 31 as natural gas flowed from the field
to the Tamar platform and then to the Ashdod Onshore Terminal.
The development is designed to deliver natural gas rates up to 1 billion cubic
feet per day (Bcf/d). Volumes will likely reach this maximum capacity during
the peak summer demand in the third quarter this year.
Charles D. Davidson, Noble Energy's Chairman and CEO, commented, "In just over
four years from discovery, the Tamar project is fully operational and
delivering significant volumes of natural gas to Israel. The project is a
technological and commercial milestone for Noble Energy and our partners. This
is the third major global project we have brought online in the last 18 months
and it will make a significant contribution to our continuing production
growth. Building on this success, we are working with the government and our
partners to sanction the next phase of development at Tamar and the domestic
phase of Leviathan."
The gross resource estimate of Tamar has been increased to 10 trillion cubic
feet (Tcf), up from 9 Tcf, as a result of development drilling and continued
reservoir analysis and modeling. An independent assessment conducted by
Netherland, Sewell & Associates, Inc. supports the new resource estimate.
The Tamar development includes five subsea wells capable of flowing 250 MMcf/d
of natural gas each. Natural gas flows from the field through the longest
subsea tieback in the world for more than 90 miles to a platform near the
existing Mari-B structure. The Tamar platform is tied into the existing
pipeline that delivers natural gas to the Ashdod onshore receiving terminal.
Noble Energy operates Tamar with a 36 percent working interest. Other interest
owners are Isramco Negev 2 with 28.75 percent, Delek Drilling with 15.625
percent, Avner Oil Exploration with 15.625 percent and Dor Gas Exploration
with the remaining four percent.
The Company is also the operator of Mari-B with a 47.059 percent working
interest. Delek Drilling has a 25.5 percent interest, Avner Oil Exploration
holds 23 percent and Delek Investment has 4.441 percent.
Noble Energy is a leading independent energy company engaged in worldwide oil
and gas exploration and production. The Company has core operations onshore in
the U.S., primarily in the DJ Basin and Marcellus Shale, in the deepwater Gulf
of Mexico, offshore Eastern Mediterranean, and offshore West Africa. Noble
Energy is listed on the New York Stock Exchange and is traded under the ticker
symbol NBL. Further information is available at www.nobleenergyinc.com.
This news release contains certain "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Words such as "anticipated," "intends,"
"indicates," "suggests," "possibility," "believes," "expects," "intends,"
"will," "should," "may," and similar expressions may be used to identify
forward-looking statements. Forward-looking statements are not statements of
historical fact and reflect Noble Energy's current views about future events.
They include planned development activities, business strategy and other plans
and objectives for future operations. No assurances can be given that the
forward-looking statements contained in this news release will occur as
projected and actual results may differ materially from those projected.
Forward-looking statements are based on current expectations, estimates and
assumptions that involve a number of risks and uncertainties that could cause
actual results to differ materially from those projected. These risks include,
without limitation, government approvals, changes in governmental policies and
regulations, other political developments, the volatility in commodity prices
for crude oil and, in particular, natural gas, exploration and development
risks, drilling and operating risks, the presence or recoverability of
estimated reserves, the possibility of regional conflict, cross-border
violence, terrorist acts or other disturbances within the region,
environmental risks, competition, the ability of management to execute its
plans to meet its goals and other risks inherent in Noble Energy's business
that are discussed in its most recent annual report on Form 10-K and in other
reports on file with the Securities and Exchange Commission. These reports are
also available from Noble Energy's offices or website
http://www.nobleenergyinc.com. Forward-looking statements are based on the
estimates and opinions of management at the time the statements are made.
Noble Energy does not assume any obligation to update forward-looking
statements should circumstances or management's estimates or opinions change.
The Securities and Exchange Commission requires oil and gas companies, in
their filings with the SEC, to disclose proved reserves that a company has
demonstrated by actual production or conclusive formation tests to be
economically and legally producible under existing economic and operating
conditions. The SEC permits the optional disclosure of probable and possible
reserves, however, we have not disclosed the Company's probable and possible
reserves in our filings with the SEC. We use certain terms in this news
release, such as "gross resource estimate". These estimates are by their
nature more speculative than estimates of proved, probable and possible
reserves and accordingly are subject to substantially greater risk of being
actually realized. The SEC guidelines strictly prohibit us from including
these estimates in filings with the SEC. Investors are urged to consider
closely the disclosures and risk factors in our most recent annual report on
Form 10-K and in other reports on file with the SEC, available from Noble
Energy's offices or website, http://www.nobleenergyinc.com.
SOURCE Noble Energy
Contact: Investor Contacts: David Larson, (281) 872-3125,
email@example.com, or Eric Schneider, CFA, (281) 872-2640,
firstname.lastname@example.org, or Media Inquiries: Communications and
Government Relations, (281) 876-8873, email@example.com
Press spacebar to pause and continue. Press esc to stop.