Israel's Tamar Gas Partners Say Signs of Petroleum in Nearby Field

JERUSALEM--The partners in Israel's large offshore Tamar natural gas reserve said Tuesday that signs of more petroleum have been found in a nearby field.

The partners did not specify how much natural gas the signs indicated, but previously they have said estimates indicate 0.7 trillion cubic feet of natural gas in this new Tamar Southwest field.

The Tamar field contains between 9 and 10 trillion cubic feet of natural gas, and began production in March. Most of the Tamar gas has been earmarked for the domestic market, but Israel's government has also said it would allow some of the gas to be exported to neighboring countries, including Egypt and Jordan, although no contracts to that effect have been signed.

The Tamar partners include Houston-based Noble Energy Inc. (NBL) and Israeli companies Avner Oil Exploration Ltd. Partnership (AVNRL.TV), Delek Drilling Ltd. Partnership (DLEKG.TV), and Isramco Negev 2 Ltd. Partnership (ISRAL.TV).

Despite this announcement, gas exploration shares were still lower after an earlier announcement that drilling would be delayed at the even-larger Leviathan field, which is owned by some of the same parties as Tamar.

At 0818 GMT, shares of Avner were down 0.05 shekels, or 1.47%, at ILS3.34, ($0.95), shares of Delek Drilling were down ILS0.33, or 1.72%, at ILS18.83, and shares of Isramco were flat at ILS0.6950, in a flat Tel Aviv market.

Write to Sara Toth Stub at [e-mail]