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Noble Energy closes Israel's Pinnacles natural gas well
August 4, 2013 / 2:00 PM / 4 years ago

Noble Energy closes Israel's Pinnacles natural gas well

JERUSALEM, Aug 4 (Reuters) - Noble Energy closed its Pinnacles 1 natural gas well off Israel’s Mediterranean coast due to a significant rise in the water flow rate that indicated the site was drying up, Noble’s Israeli partners said on Sunday.

Pinnacles, with reserves of 1.3 billion cubic metres, started producing last year, helping supply Israel after Egypt stopped selling it gas. Noble said it would abandon it in 2014.

Noble owns 47 percent of Pinnacles, with Delek Drilling 25.5 percent and Avner Oil Exploration 23 percent. Delek and Avner’s parent, Delek Group, holds 4.44 percent.

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