Reserves off Israeli coast estimated at 207 billion cubic meters, described as "strategic assets."
By RON FRIEDMANnatural gas rig 248.88(photo credit: Courtesy)
The recently discovered Tamar natural gas well, off the coast of Israel, is projected to contain 16 percent more natural gas than early estimates predicted. According to an announcement issued by Noble Energy, Inc. on Tuesday, reserves are estimated at 207 billion cubic meters instead of the previously estimated 178 billion.
In an announcement to the Tel Aviv Stock Exchange, American energy giant Noble Energy, which owns 36% of the gas field and operates the site on behalf of a group of companies, notified its partners and the public about the findings, which where compiled by Netherland, Sewell and Associates, Inc., a Texas-based petroleum consultancy company. Other interest owners in the well are Isramco Negev 2 with 28.75%, Delek Drilling with 15.625%, Avner Oil Exploration with 15.625% and Dor Gas Exploration with the remaining four percent.
The new estimate brings Tamar's proved and probable reserves to 218 billion cubic meters and those rated as proved to 170 billion. The proved and probable reserves are the basis for the partnership's development plans. The partners' shares 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 received verifies the remarkable size and quality of the Tamar Field."
The two said that recent gas findings at Tamar and Dalit were strategic assets to the state of Israel and its energy market and released it from dependency on foreign elements.
"There is already enough Israeli-produced natural gas to provide for the county's needs for years to come, and we plan to determinedly seek out additional reserves in our many licenses along the coast of Israel," said the two in a press release.
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