ISRAEL’S GAS OUTLINE IN BRIEF

• In September, Israel’s parliament (Knesset) approved the outline which will see stakes in Leviathan (Noble 39.66% and operator, Delek 45.34%, Israel’s Ratio Oil 15%) remain the same. • Delek will be forced to sell its holdings in Tamar while Noble will be required to farm down its Tamar stake from 36% to 25% within six years, but will remain as operator. Both firms will also have to sell off their stakes in two smaller fields, Karish and Tanin, by the end of 2016.

• Four price control mechanisms on future gas sales have also been put in place, while Noble has pledged to set milestones to ensure Leviathan comes online by August 2019, with a final investment decision planned by the end of 2016.


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