The Tamar partners (Delek Drilling, Avner Oil and Gas and Isramco) have decided to invest US$265m in an additional development and production drilling in the Tamar reservoir offshore Israel and to build related infrastructure.
Tamar is one of the largest field ever discovered in the Mediterranean Sea with reserves of 280 bcm (discovered in 2009). It started production in 2013 and is expected to make the country energy-independent for three decades and to enable gas exports. Drilling is expected to start in the fourth quarter of 2016 and to last four months.
In addition, Noble Energy has announced the sale of a 3% interest in the Tamar field for US$369m to the Harel Group. Noble Energy, which owned 36%, is carrying out an 11% sell-down of its interest in the Tamar field in accordance with Israel's approved Natural Gas Regulatory Framework and anticipates the sale of the remaining 7 to 8% working interest over the next 36 months.