16 Trillion cubic feet of Gas

abarrelfullabarrelfull wrote on 09 Aug 2010 07:51
Tags: israel leviathon noble

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Israel is a country surrounded by hydrocarbon rich neighbours, yet devoid of resources itself. So the existence of natural gas reserves off the coast is particually welcome.

Noble Energy, a US company with licences in the ares, has reaffirmed its view on the largest of their fields (and also the furthest from production) Leviathon.

contrary to recent media reporting, it has reaffirmed that the prior resource and chance factor estimates for the Leviathan exploratory prospect in Israel have not changed. Total gross resources for Leviathan are estimated at 16 trillion cubic feet and it has a 50 percent chance of success.

There had been speculation that the company's estimates had been over conservative. However, with Israel about to trun from energy deficit to surplus, even before the Leviathon field comes on stream, there seems to be little to get over excited about even if the speculation is true. The biggest winner will be Israeli energy users.

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