Saturday, February 26, 2011

ATP Oil & Gas Moves into Offshore Israel

Houston Business Journal, Feb 24, 2011
ATP Oil & Gas Corp. said Thursday [Feb 24] it is expanding into offshore Israel.
Houston-based ATP Oil (NASDAQ: ATPG) said it has signed agreements to acquire five licenses, of which two are pending, in approximately 4,000 feet [1,219 meters] of water in the Levantine Basin [, subject to approval by the Ministry of National Infrastructures -- D.R.].

“The recently announced discoveries in offshore Israel totaling approximately 25 trillion cubic feet of natural gas [i.e., Tamar + Leviathan -- D.R.] have demonstrated a significant catalyst for the offshore hydrocarbons sector,” T. Paul Bulmahn, ATP chairman and CEO, said in a statement.

ATP will operate all its licenses with working interests ranging from 40 percent to 50 percent. The license awards are expected by the end of March. [Full story]

(Similar stories appear in Oil & Gas Journal, here and Scandinavian Oil-Gas Magazine, here. For information on Tamar and Leviathan, please see my post here. ATP Oil & Gas Corporation is engaged in the acquisition, development and production of natural gas and oil properties in the Gulf of Mexico and the North Sea. ATP acquires and develops properties, many of which have proved undeveloped reserves (“PUD’s”) at the time of acquisition that are economically attractive to ATP, but not strategic to exploration-oriented oil and gas companies. Such strategy provides ATP with the assets to develop and produce without the risk, cost and time involved in traditional exploration. Since its inception in 1991, the company has had an exceptionally strong development success record of 98% of taking projects to production that were previously undeveloped and non-producing. ATP is headquartered in Houston, Texas, with additional offices in Guildford, Surrey (U.K.) and IJmuiden (Netherlands)---please see ATP website, here. -- D.R.)

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