Oil and Gas Partnership

Isramco Yahash
-2.05%

Base:92.9

opening:92.5

High:92.5

low:89.2

change:3,737,699

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Holding about 29% of the Tamar gas field, it reports a 51% jump in the volume of natural gas it sold from the Tamar reservoir, which was estimated in the first quarter at 2.6 BCM, compared to 1.7 BCM in the corresponding quarter last year.

Revenue from gas and condensate sales in the first quarter totaled $ 125 million, compared to $ 81 million in the same period last year. The increase in revenues was mainly due to an increase of about 51% in the amount of natural gas sold in the reporting period to the IEC compared to the corresponding period in 2021.

The state’s royalties were estimated at $ 14 million in the first quarter, compared with $ 9 million in the corresponding quarter last year. The increase in royalties to the state was mainly due to the increase in revenues from the sale of natural gas and condensate.

The cost of producing natural gas and condensate sold in the first quarter totaled $ 10 million, compared to $ 12 million in the same period in 2021. The decrease in production cost was due to the maintenance of maintenance work on the production platform on a small scale compared to the corresponding period last year and also, in the corresponding period last year, tax expenses were recorded for the operator’s foreign workers’ wages for previous years. On the other hand, there has been an increase in the cost of transporting gas to Egypt following the flow of natural gas through Jordan to Egypt starting in March 2022.

The energy partnership’s EBITDA in the first quarter was estimated at $ 87 million compared to $ 45 million in the same quarter in 2021.

The partnership’s capital amounted to $ 417 million in the first quarter, compared with $ 379 million in the corresponding quarter last year. On the bottom line, the company recorded $ 38 million compared to $ 18 million in the same quarter last year, an increase of about 117%.

Ron Maor, CEO of Isramco: “We are pleased to conclude the first quarter of 2022 with a significant increase in revenue, EBITDA and profit. Recently there has been an increase in demand for natural gas in Israel and abroad. ”