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News // Oil and gas worldwide

Record income for Tamar partnership

26 August 2016 , 12:14Ya'acov ZalelNeftegaz.RU540

The Tamar partnership ended the 1st six months of 2016 with new production and financial records. It reported production of 4.5 bln m³, up 0.7 bln m³ or 18.4% from the year before and 214,000 barrels of condensate up 36,000 for the period.

 

However, because of slightly lower average gas prices in the Israeli market, revenues and income gains lagged behind the production increase.

Total revenues for the 1st six months totalled $792 mln, up $95 mln or 13.6%. The average natural gas price was down 4% at $5.17/mln Btu. Revenues from gas were at $789 mln and the rest, about $10 mln, were from condensate. Helping was an instruction by the energy ministry to replace 15% of the coal used in power generation with gas.

Operational expenses fell by 13.7% to $67 mln or 8.4% of the revenues. Combined income before taxes for all four partners was $427 mln, up $46 mln from the first half of 2015.

 

The four partners of Tamar Partnership are Isramco (28.75%), Alon Gas Exploration (4%), Delek Drilling and Avner (15.625% each) and Noble Energy (36% and operatorship).

Noble registered revenues of $257 mln during the first six months, an increase of 13.7%. Expenses fell 32% to $17 mln and income before taxes stood at $155 mln, up 29.2%.

Revenues and income all partners have increased by about the same percentages though income before taxes varied because of various financial arrangements.

 

Delek Drilling reported income before tax of $66 mln up 18.6%, Avner reported income before tax of $61 mln up 11.8%, Alon Gas Exploration reported income before tax of $11.5 mln up 12.1% and Isramco reported income before tax of $138 mln, up 18.5%.

 

During that period the government received $73 mln in royalties, according to the companies filings to the Tel Aviv Stock Exchange by the Israeli partners, though Noble has not reported royalties payments separately, unlike its Israeli partners. Royalties were up 13.7% from the year before.

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