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Chevron and the opposite holders of the rights within the Tamar pure fuel reservoir introduced a last funding choice immediately for the second stage of the two-stage challenge to develop manufacturing capability from the reservoir. The announcement comes six months after the then minister of power and infrastructure, Israel Katz, permitted the enlargement of the availability of fuel from the Tamar reservoir by 6 BCM a yr, of which 3.5 BCM will likely be for Egypt, from 2026. This represents a 60% uplift as compared with the present manufacturing capability.
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The holders within the rights in Tamar, in addition to Chevron (25%), are Isramco (28.75%), Tamar Petroleum (16.75%), Mubadala Funding (11%), Tamar Funding 2 (11%), Dor Gasoline Exploration (4%), and Everest (3.5%). “The choice to spend money on the second stage of enlargement of Tamar displays Chevron’s persevering with dedication to cooperation with the State of Israel and to additional growth of its power sources for the advantage of native and regional fuel markets,” mentioned Chevron Japanese Mediterranean managing director Jeff Ewing.
In response to the announcement, the Tel Aviv Oil and Gasoline Index is up practically 4%. The rises are led by Tamar Petroleum, which is at the moment up 11.36%, and Isramco, which is up 10.40%.
Execution of each phases within the enlargement of manufacturing capability from Tamar is deliberate for 2025, so that every one will likely be prepared for expanded provide in 2026.
Revealed by Globes, Israel enterprise information – en.globes.co.il – on February 18, 2024.
© Copyright of Globes Writer Itonut (1983) Ltd., 2024.
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