The Israeli partners of Noble Energy Inc. (NBL) in the offshore Leviathan field on Wednesday distanced themselves from comments made by the U.S. company about its estimated oil potential.
The Israeli partners of Noble Energy Inc. (NBL) in the offshore
Leviathan field on Wednesday distanced themselves from comments made by the
U.S.
company about its estimated oil potential.
Noble in a conference call with investors said it has increased its estimate to
1.5 billion barrels of oil in the field, with an additional 1.5 billion barrels
of oil in a nearby
Cyprus
field
it also controls with Israeli partners.
Noble's Israeli partners--Delek Drilling Ltd. Partnership (DEDR.L.TV), Ratio Oil
Exploration Ltd. Partnership (RATI.L.TV), Avner Oil Exploration Ltd.
Partnership (AVNR.L.TV) and Alon Natural Gas Exploration Ltd. (ALGS.TV)--said
the new estimates weren't in accordance with Israeli reporting regulations.
The requirements about how energy companies can publish reserve estimates
differ between the Tel Aviv Stock Exchange, which often has more stringent
requirements than the U.S. Securities and Exchange Commission, under which
Houston-based Noble reports.
"These estimates were not published in accordance with the partners or
investors in the partners," the companies said in a joint statement. "The
publication of these estimates is not in accordance with regulations."
The Leviathan field is estimated to contain about 19 trillion cubic feet of
natural gas and, prior to Noble's recent statement, an unconfirmed amount of
oil.
In 2010, Leviathan was the largest gas discovery in the world and has the
potential to secure
Israel
's gas
needs for decades as well as to bring billions into state coffers from exports.
At 1300 GMT, shares of Delek Drilling were 0.15 shekels lower, or down 0.80%,
at ILS18.55; Avner was down ILS0.034, or 1.05%, at ILS3.21; and shares of Alon
were flat at ILS69.12, in a higher overall Tel Aviv market.
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