Up to $6 bil. in natural gas found

Prospective resources off Israel's coast could be up to 6 trillion cubic feet.

February 2, 2010 18:02
1 minute read.
Areas of gas exploration.

Bontan gas map. (photo credit: Courtesy: Bontan Oil and Gas)

The Canadian Bontan Oil and Gas Company, which has been exploring for natural gas off the coast of Israel, announced Tuesday that it had found prospective resources of up to 6 trillion cubic feet [TCF]of natural gas in Mira and Sarah Prospects off the country's coast.

As defined on the company's Web site, prospective resources are “those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. “

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The two finds could be worth upwards of US $6 billion.

The Canadian company “will have an indirect 71.625% interest in these prospects via its 75% equity interest in the Israel Petroleum Company which has acquired a 95.5% interest in the drilling licenses as well as an adjoining exploration permit from the current operator subject to approval by the Government of Israel,” a press release on its Website announced.

The evaluation report, conducted by Chapman Petroleum Engineering stated, “Based on our analysis, after consideration of risk, we have concluded that the potential of these prospects is of sufficient merit to justify the work program being proposed, and we therefore recommend and support the Company’s participation.”

The top-find estimates are a best-case scenario, with “the best estimate  [for the Mira Prospect] of gross prospective sales gas resources at 4.24 TCF and for the Sarah Prospect, the best estimate of gross prospective sales gas resources is 1.47 TCF.

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