Delek Group, one of Israel’s largest companies, investing in upstream and downstream energy sectors, announces that development plan for Pinnacles #1 prospect has been approved based upon operator’s conclusion of the existence of natural gas reservoir.
The budget of USD 100 million has been approved (of which USD 30 million is for exploration and drilling). A full reservoir update report is expected to be released after the development well is completed.
The Pinnacles exploration well, located close to Mari-B gas reservoir, is being drilled by Noble Energy with ENSCO 5006 semisubmersible drilling rig. Drilling works and the completion of production well are expected to be completed within days, according to Israel’ financial newspaper, Globes.
First gas deliveries from the Pinnacles development are scheduled to start in July 2012.
Offshore Energy Today Staff, April 19, 2012; Image: Noble Energy