Israeli energy exploration company Isramco Negev 2 Ltd. Partnership (ISRA.L.TV) said Monday production tests at its offshore Shimshon natural gas field indicated a daily natural gas flow of 22.7 million cubic feet.
Israeli energy exploration company Isramco Negev 2 Ltd. Partnership
(ISRA.L.TV) said Monday production tests at its offshore Shimshon natural gas
field indicated a daily natural gas flow of 22.7 million cubic feet.
The field, deep under the
Mediterranean Sea
,
likely contains up to 2.3 trillion cubic feet of natural gas.
Israel
's
largest gas fields, Tamar and Leviathan, contain 9 trillion and 16 trillion
cubic feet of gas respectively.
The production tests, successfully completed over the last month, at Shimshon
cost $33.7 million, of which Isramco paid $13 million.
Isramco and its affiliates own 60% of the Shimshon field, and Houston-based ATP
Oil and Gas Corp. (ATPG) owns 40%. Most of
Israel
's
other natural gas fields are owned partly by Delek Group Ltd. (DLEKG.TV) and
its subsidiaries, as well as by Houston-based Noble Energy Inc. (NBL), but
Delek and Noble aren't involved in the Shimshon field.
Despite the large natural gas discoveries in recent years,
Israel
is
currently experiencing a natural gas shortage, which could result in electric
grid rolling blackouts this summer.
Israel
's
natural gas supply from
Egypt
has
been interrupted numerous times since late 2010, when political unrest began
there, eventually resulting in regime change. And
Israel
's
Tamar and Leviathan field, which hold enough gas for energy independence, are
not yet ready for production. In the meantime,
Israel
has
had to purchase more expensive sources of energy, including diesel, which has
driven up electricity prices. Relief is expected next year when the Tamar field
is scheduled to begin production.
At 0940 GMT, shares of Isramco were down 0.003 shekels, or 0.65%, at ILS0.46
($0.11) in a higher Tel Aviv market.
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