Noble Energy and its partners in the Leviathan field, located offshore Israel, were advised by the Israel Anti-trust Authority of its decision to not submit the Consent Decree to the Anti-trust Tribunal for final approval.
In response, Noble Energy and partners have requested a hearing on the topic with the Anti-trust Authority, which Noble Energy expects to occur in the next few weeks.
“The actions of the Anti-trust Authority are another disturbing example of the uncertain regulatory environment in Israel.”
According to the company, in March 2014, Noble Energy, its partners, and the Anti-trust Authority reached agreement for the Consent Decree that included the divestiture of the Tanin and Karish gas fields. Noble says that this agreement is a key component for the final investment decision on the Leviathan development.
Charles D. Davidson , Noble Energy’s Chairman, commented, “The actions of the Anti-trust Authority are another disturbing example of the uncertain regulatory environment in Israel. Specifically, this is a matter that we believed was resolved some time ago and follows on recent assurances from the Anti-trust Authority that approval was forthcoming. We believe this is a harmful precedent for Israel to set and we will vigorously defend our rights relating to our assets.”
David L. Stover , President and Chief Executive Officer, added, “We are disappointed in this latest communication from the Anti-trust Authority. Final resolution of this item, as well as a number of other regulatory matters, is required before we proceed with additional exploration or development investments in our Israel business.”
Noble Energy operates Leviathan with a 39.66 percent working interest. Other interest owners in the well are Delek Drilling and Avner Oil Exploration with 22.67 percent each and Ratio Oil Exploration with the remaining 15 percent.
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