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Naphtha Gains Most in 2 Weeks on Tamar Appeal: Tel Aviv Mover

July 2 (Bloomberg) -- Naphtha Israel Petroleum Corp., which has a stake in Isramco Negev 2 LP, a partner in the Tamar gas field earmarked for domestic use, rose the most in more than two weeks as export concerns weighed on shares of other explorers.

The shares of the Petach Tikva, Israel-based oil and gas explorer with a 7.26 percent stake in Isramco, gained 2.3 percent to 18.52 shekels at the close in Tel Aviv. Delek Drilling-LP and Avner Oil Exploration LLP, both partners in Tamar and the Leviathan field, were unchanged today. The larger Leviathan field, in which Isramco is not a partner, is earmarked for both domestic consumption and exports.

Partners in the Tamar field have agreements to sell about $39 billion of gas over 15 years to Israeli companies including Israel Electric Corp., according to data provided by Delek Group Ltd. Prime Minister Benjamin Netanyahu said Israel will cap exports of natural gas at 40 percent of its resources.

“The gas from Tamar represents a flight to safety for the gas sector,” Ella Fried, a senior analyst at Bank Leumi Le-Israel Ltd., said today by phone.

Israeli lawmakers, among them opposition leader Shelly Yachimovich who has called for greater amounts to be reserved for local consumption, have petitioned the court to order the Parliament to make a decision on gas exports, the Globes website reported.

The Tamar field, in the eastern Mediterranean Sea, is estimated to hold 10 trillion cubic feet of natural gas, compared with a projection of 19 trillion cubic feet of gas at Leviathan.

To contact the reporter on this story: Shoshanna Solomon in Tel Aviv at ssolomon22@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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