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Offshore Israel gives boost for Noble Energy

July 26, 2013 at 6:57 AM   |   Comments

HOUSTON, July 26 (UPI) -- International gas sales volumes for the second quarter of 2013 were driven by the launch of the Tamar natural gas field off Israel, Noble Energy said.

Noble said it sold a record 120 million barrels of oil equivalent per day during the second quarter of 2013, a 33 percent increase year-on-year. It attributed much of the increase to the start of sales from the Tamar natural gas field.

Tamar went into service during the second quarter. Noble, which has headquarters in Houston, said more than 90 percent of the gross average Israeli production of 676 million cubic feet per day came from the Tamar field.

Noble during the second quarter reported additional finds off Israel at the Karish natural gas field, said to hold more than 1.6 trillion cubic feet of natural gas.

"Total discovered gross mean resources in the Levant basin [in the Mediterranean Sea] are now estimated to be approximately 38 trillion cubic feet," the company said in a Thursday statement.

Noble Chairman Charles Davidson said his company expects to continue setting production records for the rest of the year.

Noble reported a second quarter net profit of $377 million, up 29 percent year-on-year.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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