Noble Energy Inc. (NBL) said it suspended drilling at one of its
Leviathan test wells off the coast of Israel until it can procure
additional material and equipment needed to complete the
drilling.
The oil and gas explorer, which has a 39.66% working interest in
the Leviathan discovery, said it is working to obtain the items,
which aren't available in Israel, after Noble identified wear on
the wellbore casing.
Leviathan is estimated to contain up to 16 trillion cubic feet
of natural gas. Noble and its partners have said they think the
field could hold enough gas to transform Israel, a country
precariously dependent on others for energy, into a net-energy
exporter.
The rig will be moved to the Tamar field, also off Israel's
coast, with drilling expected to start in about a week. Development
of the field, which contains up to 9 trillion cubic feet of gas,
remains on track for commissioning late next year, according to
Noble. The company is Tamar's operator, with a 36% working
interest.
A string of recent discoveries in the last few years, including
three major ones off Israel's coast, has boosted the Noble's
lately.
Noble in February reported its fourth-quarter earnings surged as
operating expenses dropped, despite an unrealized loss on commodity
derivatives.
Other interest owners in Leviathan are Aver Oil Exploration ,
Ratio Oil Exploration (RATI.L.TV, RTEXF) and Derek Drilling.
Noble shares recently were down 65 cents at $96 in premarket
trading. The stock through Thursday's close is up 12% this
year.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481;
Tess.Stynes@dowjones.com