BREAKING NEWS

If Sheshinski reopened, Noble to rethink projects

APRIL 11, 2013 14:52

In the slim chance that the Israeli government would decide to reopen the Sheshinski Committee on natural gas taxation, Noble Energy CEO Charles Davidson said his firm would need to reevaluate its presence in the country’s eastern Mediterranean.

“If it would be reopened I think we would have to reconsider everything we’re doing,” Davidson told a group of journalists in a meeting at the company’s Herzliya Pituach office on Thursday morning.

About two years ago, the government voted to approve the conclusions of the Sheshinski Committee, which determined a taxation method for oil and gas exploitation in Israel. Approved by the Knesset on March 30, 2011, the committee determined that royalty rates would be kept intact at 12.5 percent but that oil and gas profit levies would begin at 20% and eventually rise to 60% depending on the amount of excess profits.

Noble Energy is the largest stakeholder in both the Tamar and Leviathan natural gas reservoir projects, the former of which began flowing into Israeli shores on Sunday, March 31.

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