ATP takes dip in Israeli waters

ATP Oil & Gas has signed agreements for five deepwater license offshore Israel.

Offshore staff

HOUSTON -- ATP Oil & Gas has signed agreements for five deepwater license offshore Israel. The company will operate all five, subject to approval from the Ministry of National Infrastructures (MNI), with interests ranging from 40-50%.

Chairman and CEO T. Paul Bulmahn said: "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."

02/24/2011

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