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Noble Energy Pulls Out from Ruth C License Exploration

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Published on : Mar 26, 2015

Citing issues related to “regulatory uncertainty”, in the energy and gas sector of Israel, the Houston-based company named Noble Energy forwent with its permit for operation in the Ruth C exploration license, as reported by Tel Aviv Stock Exchange on Thursday. 

The Ruth C license zone is located off the Haifa coast, to the east of the larger Tamar basin. Energy reserve in this region is yet to be explored in its full capacity. Noble Energy was authorized by the local community to takeover functions as the operator for basin over the time of explorations. However, on Wednesday, Noble Energy made the formal announcement of its stepping out of the Joint Operating Agreement and the Ruth C license, due to certain uncertainties pertaining to energy regulations that exist in Israel. The decision was taken by the company because of the risks involved with regards to conducting explorations in the license. The report about the same was filed by license partners of the Delek Group on Thursday. 

Noble Energy is the partner of 46.059 per cent stakes in the 40,000 hectare expanse zone of Ruth C license, while the subsidiary of Delek Group, namely, Delek Drilling and Avener Oil Explorations enjoyed stake on27.835% and 25.106% respectively.

Following the series of events, Noble Energy took the decision to let go of its role as operator. Moreover, Avner Oil Exploration and Delek Drilling have also sent a formal request to Petroleum Commissioner to extent the time limit for Ruth C exploration from what was specified in their work plan. The request was intended to get ample time to find an alternative operator who would oversee the exploration operation after Noble Energy resigned. 

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