Israel's Tamar Offshore Natural Gas Field at Full Capacity, Noble Energy Says

Tamar produces a gross 636 million cubic feet of gas a day, of the total 676 million cubic feet produced daily in Israel,

The Tamar offshore natural gas field is currently at full production capacity and its output is 99% reliable, partner Noble Energy stated in its quarterly reports, released last week.

U.S.-based Noble Energy and Israel’s Delek group are partners in the Tamar gas field as well as the larger Leviathan field. Both are in Israel’s territorial waters, under the Mediterranean seabed. Production at Tamar started in April.

Tamar produces a gross 636 million cubic feet of gas a day, of the total 676 million cubic feet produced daily in Israel, stated Noble. On some days, Tamar’s production can hit 784 million cubic feet, the company added.

In addition, the Karish field was declared a gas find during the second quarter, Noble noted. Karish lies northeast of Tamar and is believed to contain 1.6 to 2 trillion cubic feet of gas, compared to Tamar’s 10 TCF.

The Levantine end of the Mediterranean sea basin is thought to contain 37 TCF of gas, Noble added, most of that within Tamar, Leviathan and Cyprus’s Bloc 12.

Profit in the second quarter was up 29% to $377 million, or $1.04 per share, compared with $292 million, or 79 cents per share, in the same period a year earlier.

Excluding one-time items, the Houston company reported earnings of 69 cents per share. Wall Street analysts on average had expected a profit of 74 cents per share.

With reporting by Reuters.

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