(Reuters) Mary-B, Israel's first natural gas field, has been depleted faster than expected and is projected to run out this year, as Israel has been forced to compensate for a lack of Egyptian gas. The Israeli partners in the consortium - Delek Drilling and Avner Oil - said on Tuesday they were studying the implications of this drop in production as well as what measures they might be able to take to narrow this decline. "This drop in supply is expected to have a negative effect on the financial results of the partnership until the start of commercial production from the Tamar project, which is expected in the first half of 2013," they said. The use of gas in Israel has quadrupled since 2004, and is now the primary source for generating electricity. The Israel Electric Corp. has been forced to increase its use of more expensive alternatives such as diesel and fuel oil. A recent cold snap has aggravated the situation.
2012-01-25 00:00:00Full ArticleBACK Visit the Daily Alert Archive