Tamar gas field (NewMed Energy)
Chevron, one of the world’s largest oil and energy companies, is expanding the company’s operation in Israel’s Tamar natural gas field in the Mediterranean. Chevron and its partners in the field are set to spend $673 million to expand gas production there. The company said that it is doing so because of increased demand.
Natural gas is more in demand these days as courtiers look to shift to cleaner burning fuels. Natural gas has a much smaller carbon footprint than coal and so burning it for energy releases much fewer greenhouse gasses.
The money will go towards expanding the Tamar rig so that it can produce 1.2 billion cubic feet (BCF) of gas per day instead of the current 1.1 BCF. The first stage of production expansion will be completed in 2025. Chevron will also lay a new 96 mile pipeline from the rig to transport the extra gas.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at office@jewishbusinessnews.com.
Thank you.
“Reaching an FID (final investment decision) for Phase One of Tamar’s expansion reflects Chevron’s ongoing commitment to supporting the State of Israel’s strategy to develop its energy resources for the benefit of domestic and regional natural gas markets,” said Jeff Ewing, managing director of Chevron’s Eastern Mediterranean business unit.
“When completed, this project will enable us to meet Israel’s growing domestic demand, increase our natural gas delivery to neighboring countries and supply the world whose need for affordable, reliable, ever-cleaner energy continues to grow,” added Ewing.
The Tamar Reservoir, located some 90 km west of Haifa, has an overall depth of about 5,000 meters below sea level in waters that are 1,700 meters deep. The Reservoir covers an area of 100 square kilometers, and its layers reach up to 300 meters in thickness.
The natural gas in the Tamar Reservoir is produced through six unique production wells, built in such a way as to allow production from the Reservoir of up to 1.1 BCF of natural gas daily.
A mere four years after the January 2009 discovery of the Tamar Reservoir, gas started to flow from it at the end of March 2013.
The partners in the Tamar Reservoir are Isramco Negev 2 (28.75%), Noble Energy (25%), Delek Drilling (22%), Tamar Petroleum (16.75%), Dor Gas (4%) and Everest (3.5%).
