ATP Oil & Gas Corporation, an international offshore oil and gas development and production company with operations in the Gulf of Mexico and the North Sea, is expanding its deepwater operating and infrastructure expertise to offshore Israel. Subject to approval of the Ministry of National Infrastructures (MNI), ATP has signed agreements to acquire five licenses, of which two are pending, in approximately 4,000 feet of water.
The strategic use of our deepwater technical expertise in Israel is one facet of ATP’s global diversification plan. Each license offers an attractive opportunity in the Levantine Basin which is emerging as a prolific area. The recently announced discoveries in offshore Israel totaling approximately 25 Tcf of natural gas have demonstrated a significant catalyst for the offshore hydrocarbons sector. ATP’s ability to enter this area during the early stages of exploration and development is a great testimony to our expertise and commitment to worldwide offshore acquisition and development. This also enhances our future ability to acquire and develop desired proved undeveloped assets in this region. Israel is working towards energy independence and security of its natural resources by encouraging domestic offshore exploration and production.
—T. Paul Bulmahn, Chairman and CEO
ATP will operate all its licenses with working interests ranging from 40% to 50%. Upon the award of the licenses, expected before the end of March 2011, ATP will discuss its estimated capital program projected to be minimal in 2011 and resource potential for the acquisitions.
In December 2010, Texas-based Noble Energy, Inc. announced a significant natural gas discovery at the Leviathan exploration prospect offshore Israel. The results from the well confirm the pre-drill estimated resource range, with a gross mean for Leviathan of 16 trillion cubic feet (450 billion cubic meters). (Earlier post.)