Israeli Gas Field Contains Significant Gas Condensates -Delek Group

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An Israeli energy company said Sunday that a small offshore natural gas field contains a significant amount of gas condensate, the liquid hydrocarbons produced as a by-product of natural gas.

The Karish field contains about 13 million barrels of condensate, equal to the amount contained in the larger, nearby Tamar field, said Delek Group Ltd. (DLEKG.TV), whose subsidiaries, along with U.S.-based Noble Energy Inc. (NBL), control both those fields.

The Karish field, discovered last year, contains an estimated 1.3 trillion cubic feet of natural gas, and the Tamar field, which began production in March, contains about 13 trillion cubic feet of gas.

Natural gas condensate is used in a variety of ways, such as heating, as a component for gasoline and in the production of plastic and chemicals.

Several large discoveries of natural gas in Israel in recent years offer the country more energy security, while significantly boosting the economy, economists have said. The government has approved exporting some of Israel’s natural gas, but markets for those exports remain unclear amid geopolitical tensions.

Gross domestic product in Israel this year is expected to grow 3.8%, with natural gas production contributing about 1 percentage point of that expansion, according to the Bank of Israel.

The bank has recently taken several steps, including intervention in the foreign currency market and an unscheduled interest rate cut, to offset the strengthening of the shekel as a result of gas production and its positive effect on the economy.

A stronger shekel could harm Israel’s export-dependent economy by making its products less competitive abroad, economists have warned.

At 0918 GMT, shares of Delek Group, the conglomerate whose subsidiaries own part of Karish and Tamar, were up 25.90 shekels ($7.21), or 2.73%, in a higher Tel Aviv market.

 

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