Israeli energy exploration company Isramco Negev 2 Ltd. Partnership (ISRA.L.TV) said Monday that it has submitted a court petition to buy the rights of its partner, Houston-based ATP Oil and Gas Corp. (ATPAQ), in Israel's offshore Shimshon natural gas field for 150 million shekels ($39.7 million).
Israeli energy exploration company Isramco Negev 2 Ltd. Partnership
(ISRA.L.TV) said Monday that it has submitted a court petition to buy the
rights of its partner, Houston-based ATP Oil and Gas Corp. (ATPAQ), in
Israel
's
offshore Shimshon natural gas field for 150 million shekels ($39.7 million).
Isramco and its affiliates own 60% of the Shimshon field, and ATP, which filed
for bankruptcy last year, owns 60%. Because ATP has filed for bankruptcy, a
court must approve the sale, Isramco said. The Shimshon field likely contains
up to 2.3 trillion cubic feet of gas, according to geological surveys.
ATP is one of the few foreign energy companies involved in
Israel
's
recent natural gas and oil discoveries. Natural gas production is poised to
become a major contributor to
Israel
's
economic growth this year. With the large offshore Tamar reserve, which
contains about 9 trillion cubic feet of gas, set to begin production this year,
Israel
's
gross domestic product is expected to grow 3.8%, according to the Bank of
Israel.
Without taking into account the production of gas, the bank said it would
expect the GDP to only grow 2.8%.
Israel
's GDP
grew 3.3% in 2012.
At 1140 GMT, shares of Isramco were down ILS0.007, or 1.11%, at ILS0.625, in a
lower Tel Aviv market.
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