IO Monthly Update - March 2015
Israel Opportunity's Latest Announcements
- Israel Opportunity releases Q4 financial statement for 2014
On March 18th, 2015, the Partnership published its Financial Statements as of December 31, 2014.
For the full Financials, please click here
- Tamar partners sign agreement with Egypt
On February 19th, 2015, Tamar reservoir's partners reported a NIS 5 billion agreement with the Egyptian company, Dolphinus, for the supply of 5 BCM of Israeli gas to industrial customers in Egypt for a period of over three years, through the existing gas pipeline operated by EMG. Nevertheless, Globes Magazine reports that EMG denies consenting to the deal, saying cost estimates for use of its pipeline are unrealistic, since the pipeline is constructed to transport gas only from Egypt to Israel.
- Noble Energy waives Ruth C license
On March 25th, 2015, Noble Energy Mediterranean Ltd. announced its withdrawl from license Ruth C, due among other reasons, to regulatory uncertainty prevailing in Israel accompanied by the risks entailed in exploratory operations relating to the license. Noble's partners in the license, Avner and Delek Drillings, have turned to the Petroleum Commissioner in a request to extend the scheduled work program, to allow finding an alternative operator.
- Gas supply agreement with the Palestinian Authority was cancelled
According to announcements by the partners in Leviathan Basin on March 11th, 2015, a Memorandum of Understanding to sell natural gas to the Palestinian Authority was canceled by the 'Palestine Power Generation Company PLC', due to non-fulfillment of the conditions in the agreement, mainly the latest decision by the Antitrust Authority, the expected delay in development of Leviathan field and pending regulatory approvals.
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