Noble closes Pinnacles natgas well
Site located off Israel's Mediterranean coast, which helped supply country after Egypt stopped selling it gas, closed due to significant rise in water flow rate
Noble Energy
closed its Pinnacles 1 natural gas well off Israel's
Mediterranean coast due to a significant rise in the water flow rate that indicated the site was drying up, Noble's Israeli partners said on Sunday.
Pinnacles, with reserves of 1.3 billion cubic meters, started producing last year, helping supply Israel after Egypt stopped selling it gas.
Noble said it would abandon it in 2014.
Noble owns 47% of Pinnacles, with Delek Drilling 25.5% and Avner Oil Exploration 23%. Delek and Avner's parent, Delek Group, holds 4.44%.
