Did The Israeli Government Just Cut The Red-Tape For This Natgas Field?

20 May 2016   Israel

Noble Leviathan Israeli media have reported that U.S.-based Noble Energy and Israeli partner Delek Group have reached a preliminary deal with the Israeli government that would allow them to move forward on the development of the massive offshore Leviathan gas field. At stake is a massive gas field worth $5-$6 billion and believed to contain some 17-22 trillion cubic feet of gas, slated to begin extraction by 2019. The massive Leviathan gas field was discovered by Noble in Israel’s offshore Levant Basin over six years ago, but its development has been halted by red tape. In late March, the Israeli High Court moved to stop development indefinitely if a clause in the country’s natural gas rules was not changed or voided. At issue is a 10-year guarantee that the Israeli government gave Noble and Delek for Leviathan. The court held that the government did not have the right to […]

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