Companies approve drilling plan for Leviathan field

August 29, 2010 13:34

A plan to begin drilling in Israel's Leviathan gas field was approved by the owners of the field, Noble Energy and Delek, on Sunday.  The field is estimated to hold 450 billion cubic meters of natural gas.

The first test well is expect to reach a depth of 7,000 meters below sea-level and has a 50 percent chance of striking gas and a 17 percent chance of finding oil, based on geologists estimates.

The well-drilling is to continue over the course of five months and is expected cost nearly $150 million.

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