Naphtha Gains Most in Week on Tamar Local Appeal: Tel Aviv Mover
Naphtha Israel Petroleum Corp. (NFTA), which has a stake in Isramco Negev 2 LP (ISRAL), a partner in the Tamar gas field earmarked for domestic use, advanced the most in a week 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 2.5 percent to 18.56 shekels at 4:56 p.m. in Tel Aviv. Delek Drilling-LP (DEDRL) and Avner Oil Exploration LLP (AVNRL), both partners in Tamar and the Leviathan field, were little changed today, with Delek falling less than 0.1 percent and Avner rising 0.2 percent. 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. (DLEKG) 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.
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