BREAKING NEWS

Noble update on Leviathan gas field disappoints

By GLOBES

DECEMBER 19, 2011 20:08

Last week, Noble Energy announced that drilling of the Leviathan 3 well was complete. On Monday, the US company issued an updated estimate of the reserves in the Leviathan field, of 17 TCF (trillion cubic feet), which compares with a previous estimate of 16 TCF.

Market expectations were for reserves of 19-20 TCF, so the current figures can be considered a disappointment. However, there may be further updates from Noble Energy, and the range Noble provided is 14-20 TCF.

The rights in Leviathan 3 are owned by Noble Energy (39.666%), Delek Drilling (22.25%), Avner (22.25%) and Ratio (15%).

The Leviathan 3 drilling began in June, a kilometer away from the abandoned Leviathan 2 well. It is aimed at establishing more accurately the size of the Leviathan reserve discovered in late 2010.

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