MW: ATP Oil & Gas agrees to acquire Israel licenses
By Robert Daniel
TEL AVIV (MarketWatch) -- ATP Oil & Gas Corp., (ATPG 18.48, +0.75, +4.23%) the Houston energy firm, is expanding operations to offshore Israel, agreeing to acquire five licenses to drill in about 4,000 feet (1,219 meters) of water. The Levantine Basin "is emerging as a prolific area," Chairman and Chief Executive T. Paul Bulmahn said in a Thursday statement. Recent energy discoveries offshore northern Israel have catalyzed the offshore hydrocarbons sector, he said. ATP said it would act as operator for the licenses, with working interests of 40% to 50%. The licenses are subject to approval by the Israeli Ministry of National Infrastructures, and the company expects them to be awarded by the end of March.
