Largest natural gas reserve discovered in Israel worth approximately $95 billion!


(Ha'aretz) The largest reserve of natural gas, over 16 trillion cubic feet, has been discovered off the coast of Israel, and is estimated to be worth more than $95 billion, U.S. company Noble Energy Inc. announced on Wednesday.

Noble Energy owns 39.66% of the prospective discovery, alongside Israeli partners Delek Group Ltd. units Avner Oil and Gas LP and Delek Drilling LP (22.67% each), and Ratio Oil Exploration (1992) LP with 15%.
Oil/gas rig - AP - Sept. 17, 2010

The reserve, Leviathon, is the largest amount of natural gas discovered in the world in the last decade and is located in approximately 5,400 feet (1,645 meters) of water, about 130 kilometers offshore of Haifa and 29 miles (47 kilometers) southwest of the Tamar discovery.

Last year, Israeli company Isramco announced that reserves of natural gas have been discovered at its Tamar 1 offshore drill site 90 kilometers west of Haifa, making it the largest ever discovered in Israel until now - three times bigger than that of the "Yam Thetis" consortium and worth $15 billion.

Noble Energy CEO Charles Davidson said, "Leviathan is the latest major discovery for Noble Energy and is easily the largest exploration discovery in our history."

CEO of Delek Group Yoram Turbowitz said "it is a sense of success mixed with worry and concern, that we will not be able to utilize the huge discovery in our hands to its limits.

He added: "I hope that the strategic advantage and the enormous accomplishment that we have made here due to large financial and professional knowledge invested will be utilized to its fullest."

"Obviously we need to produce something from the Leviathon reserve, but it will demand enormous investments in infrastructure," he said, adding that "the state will need to assist with regulations, planning and accompanying what will become the largest infrastructure project in the country."

Noble Energy president and COO David L. Stover said, "This discovery has the potential to position Israel as a natural gas exporting nation. For nearly a year now, we have had a team evaluating market possibilities, which includes various pipeline and LNG options. It's our belief that the natural gas resources at Leviathan are sufficient to support one or more of the options being studied. We are excited to be leading the exploration and development in this new basin and look forward to determining the best development option."



Copyright © Jewish Internet Defense Force
All Rights Reserved

LEGAL:
The views expressed on this website do not necessarily reflect the views of the JIDF. The content is not intended to malign any religion, ethnic group, club, organization, company or individual. This site's intention is to do no harm, to not injure others, defame, or libel. All data and information provided on this site is for informational, educational, and/or entertainment purposes only. The Jewish Internet Defense Force (JIDF) makes no representations as to accuracy, currentness, correctness, suitability, or validity of any information on this site and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use, or access to this site. We are not responsible for translation or interpretation of content. We are not responsible for defamatory statements bound to government, religious or other laws from the reader’s country of origin. All information is provided on an as-is basis with no warranties, and confers no rights. We are not responsible for the actions, content, accuracy, opinions expressed, privacy policies, products or services or for any damages or losses, directly or indirectly, caused or alleged to have been caused as a result of your use or reliance on such information on the Jewish Internet Defense Force site. This site includes links to other sites and blogs operated by third parties. These links are provided as a convenience to you and as an additional avenue of access to the information contained therein. We have not reviewed all of the information on other sites and are not responsible for the content of any other sites or any products or services that may be offered through other sites. The inclusion of these links in no way indicates their endorsement, support or approval of the contents of this site or the policies or positions of the JIDF. We have the right to edit, remove or deny access to content that is determined to be, in our sole discretion, unacceptable. These Terms and Conditions of Use apply to you when you view, access or otherwise use this blog and the Website. The JIDF is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com.
Related Posts with Thumbnails