December 26, 2010 / 10:40 AM / 9 years ago

ATP Oil eyes exploring in Israel - report

JERUSALEM, Dec 26 (Reuters) - ATP Oil & Gas Corp ATPG.O is seeking to enter Israel’s growing natural gas industry, the Globes financial daily reported on its website Sunday.

The newspaper said Houston-based ATP is looking to buy one-third of the rights and licence to the Mira and Sarah prospects and one-half of the rights to the Daniel and Shimshon sites.

Globes said ATP, which mainly operates in the deepwater Gulf of Mexico, will make its decision to enter the Israeli market after the Finance Ministry decides on its new taxation for natural resources.

A ministry-appointed panel has already issued an interim report calling for a rise in the government’s take on oil and gas revenues through a progressive tax on companies that ranges from 20 to 60 percent.

The world’s largest natural gas find in 2009 was the Tamar site off Israel’s Mediterranean coast, which is believed to hold 8.4 trillion cubic feet of natural gas.

Israel has already issued a licence to Israel Land Development Energy IE.TA to develop Mira and Sarah, considered promising by industry exports since they are close to Tamar.

Globes noted the decision to enter Israel was based on an analysis of the seismic findings at Mira and Sarah.

ATP was not immediately available for comment. (Reporting by Steven Scheer)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below