Signs of new natural gas field found off Israel coast

Written By Unknown on Minggu, 27 April 2014 | 17.34

JERUSALEM: An oil and gas group exploring offshore Israel on Sunday said that it may have discovered a field that contains an estimated 2.5 trillion cubic feet (tcf) of gas and 255 million barrels of oil.

About 30tcf of gas has been discovered off Israel's Mediterranean coast in recent years; turning the country once dependent on energy imports into a potential exporter.

The latest announcement, which was based on 3D seismic data from 2012, covers the Oz licence some 50km (30 miles) from the coastal city of Herzliya in water 1,150 metres (yards) deep.

The licence is shared by Lapidoth-Heletz with a 41.5 per cent stake, Frendum Investments with 21.5 per cent, Coleridge Gas and Oil with 12 per cent, Israel Opportunity and Placida Investment each with a 10 per cent stake, and Azerbijan-based Caspian Drilling with the remaining 5 per cent.

Lapidoth-Heletz said a report by Texas-based consultants Netherland, Sewell & Associates estimated a 23-27 per cent chance of success for finding the 2.5tcf of gas and a 16-18 per cent chance for finding 255 million barrels of oil.

"(Oz's) proximity to reserves where producible amounts of natural gas and oil have been found strengthened our opinion that the license holds significant amounts of gas and oil," said Eli Kamar, chief executive of Lapidoth-Heletz.


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