The recently discovered Tamar natural gas well, offthe coast of Israel, is projected to contain 16 percent more naturalgas than early estimates predicted.
According to an announcement issued by NobleEnergy, Inc. on Tuesday, reserves are estimated at 207 billion cubicmeters instead of the previously estimated 178.
In an announcement to the Tel Aviv Stock Exchange, Americanenergy giant Noble Energy, which owns 36% of the gas field and operatesthe site on behalf of a group of companies, notified its partners andthe public about the findings, which where compiled by Netherland,Sewell and Associates, Inc., a Texas-based petroleum consultancycompany.
Other interest owners in the well are Isramco Negev 2 with28.75%, Delek Drilling with 15.625%, Avner Oil Exploration with 15.625%and Dor Gas Exploration with the remaining 4%.
The new estimate brings Tamar's proven and probablereserves to 218 billion cubic meters. The proven and probable reservesare the basis for the partnership's development plans. The partner'sshares rose as a result of the announcement.
Gideon Tadmor, CEO of Avner, and Tzvi Greenfeld, CEO of Delek,said, "The professional and independent report that was receivedverifies the remarkable size and quality of the Tamar Field."
The two said that recent gas findings at Tamarand Dalit are strategic assets to the State of Israel and its energymarket and releases it from dependency on foreign elements.
"There is already enough Israeli-made natural gas to providethe country's needs for years to come, and we plan to determinedly seekout additional reserves in our many licenses along the coast ofIsrael," said the two in a press release.
Yitzhak Tshuva of Delek Group told Israel Radio that the discovery could provide Israel's gas needs for the next 20 to 25 years.