(photo credit: Courtesy)
Noble Energy Inc. chairman and CEO Charles Davidson told the CERAWeek energy
conference in Houston on Wednesday that the Tamar natural gas field, which is
currently under development at an investment of $3 billion, will supply the
Israeli market for decades. He added that the Leviathan find puts Israel in the
position of potential gas exporter, something no one could have foreseen just a
“The work is just beginning,” Davidson said, “with a lot more
exploration in front of us.” He said that 120 trillion cubic feet of potential
gas resources could be tapped in the greater Levantine Basin off Israel’s
120 trillion cubic feet is 7.5 times the 16 billion cubic meters
of natural gas that Noble Energy and its partners in Leviathan – Delek Group
Ltd. and Ratio Oil Exploration (1992) – say exist in the field.
said that 11 years ago, Israel had no market or infrastructure whatsoever for
natural gas just prior to the Mari-B discovery (Yam Tethys), and that, within
four years, power plants formerly run on imported oil switched over to natural
gas, resulting in some $5 billion in fuel savings and a reduction of 13 million
tons of carbon dioxide emissions.
In addition to Israel, in 2007, Noble
Energy obtained exploratory rights to Block 12 in the southeastern part of
Cyprus’s exclusive economic zone, near Leviathan. Noble Energy’s license in the
only one issued to date by the Cypriot government.
Earlier this year,
Cyprus and Israel delineated the border of their exclusive economic zones.