2014-03-17 05:53:02 - Israel Oil and Gas Report Q1 2014 - a new market research report on companiesandmarkets.com
Gas production from the Tamar field is expected to ramp up considerably since coming online in March 2013 and will make Israel self-sufficient in natural gas supplies for the first time ever. We expect stagnation in production growth through to 2015 as bottlenecks at the onshore receiving facility at Ashdod will limit production to 10.5bcm. This should be resolved by 2016 in sufficient time to take output from the Leviathan field where development will begin in mid-2014. Gas from Leviathan could flow from late 2018 with export opportunities increasingly likely from this point. We see comparatively strong liquids upside with growing condensate volumes from Tamar and eventually Leviathan. Furthermore, near shore licences are showing greater likelihood of condensate and oil
providing upside for the oil reserves outlook.
In October 2013 the Israeli Supreme Court upheld the government´s decision to retain 60% of proven reserves for domestic use. Other groups were petitioning for a complete ban on exports. This decision also recommends the Tamar field to be used purely for domestic needs, while will allow up to 75% of Leviathan´s reserves to be exported.
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