Noble Energy said in a statement that the Israel Government acted to resolve and provided exemption from antitrust authority’s claims regarding the acquisition of petroleum rights by the Leviathan joint venture partners.
The natural gas framework establishes the regulatory certainty and stability required to develop both Tamar and Leviathan as well as provides transparency for future domestic pricing and natural gas competition in Israel.
The framework also allows Leviathan gas marketing to Israeli customers for the first time, the company said.
Noble Energy plans to make final investment decision on offshore development by the end of 2016.
Noble Energy Eastern Mediterranean senior vice president Keith Elliott said: "The high quality of the Tamar and Leviathan reservoirs, combined with Noble Energy’s strong track record of major project execution, gives us confidence that these world-class assets are well positioned to meet the growing and undersupplied natural gas demand of Israeli and regional customers."
Located in the eastern Mediterranean Sea area, off the coast of Israel, the Leviathan field is expected to hold 622 billion cubic meters of gas reserves.
The field is scheduled to commence production in 2018 or 2019 to enable gas supplies to Israel and also to Egypt and Jordan.
Noble Energy has 39.66% stake in the Leviathan gas field, while Delek Group subsidiaries, Delek Drilling and Avner Oil Exploration, each own 22.67% interests. Ratio Oil Exploration also own 15% stake in the field.
Located in the Levantine basin of the Eastern Mediterranean Sea, the Tamar natural gas field was discovered by Noble Energy in 2009.
Noble Energy operates the Tamar field with 36% stake while Isramco Negev 2 owns 28.75%.
Delek Group’s subsidiaries including Delek Drilling and Avner Oil Exploration owns 15.625% interest each while the remaining 4% stake is owned by Dor Gas Exploration.
The Tamar gas field expansion involves construction of an underwater pipeline to an export plant in Egypt, reported Reuters earlier.
