Leviathan Find May Spur Israel Gas Export, Delek Says (Update1)

[FarCenter]

By David Wainer

June 3 (Bloomberg) -- The Leviathan natural gas find in waters off Israel may hold enough to support exports to Europe and Asia, said Asaf Bartfeld, chief executive officer of Delek Group Ltd., one of the block’s partners.

Noble Energy Inc., the operator, today said the prospect may hold 16 trillion cubic feet of gas and has a 50 percent chance of “geologic success.” It also raised its resource estimate for the nearby Tamar field to 8.4 trillion cubic feet and said the area may hold a potential 30 trillion cubic feet, more than twice the U.K.’s proven gas reserves.

“The option for exporting natural gas has become much more realistic,” Bartfeld said today in an interview. “We may be able to supply the European market and the Far East where demand is highest. Though, of course, at this point, we are waiting to drill and to try and confirm the gas.”

Leviathan, estimated as the largest gas field in Israeli if it holds the estimated fuel, may be tapped for exports as the Tamar and Dalit fields, expected to begin production at the end of 2012, hold enough to cover Israel demand for about two decades. Noble, which has prospects from Texas to West Africa, said it plans to drill at Leviathan later this year.

The Houston-based company is partner in the fields with Delek Drilling LP and Avner Oil & Gas Ltd., both controlled by billionaire Isaac Tshuva’s Delek Group holding company. Ratio Oil Exploration 1992 LP holds a 15 percent stake in Leviathan.

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This explains why Israel is not concerned about offending Turkey and losing the southern extension of the BlueStream project from Turkey to Israel.

The BlueStream undersea pipelines were to send Central Asian gas to Israel. However, there were parallel pipelines as part of the project to send water from Turkey to Israel. I guess if Israel keeps all of Galilee, it may have enough water.

[Orrex]

1. Get BP on it immediately!

No other company can handle drilling at that depth!

[FarCenter]

2. BP doesn't do drilling -- they hire other companies to drill for them

Then the BP project managers push them to screw it up.

[LiberalArkie]

3. Isn't this the gas field off the Gaza coast?

[Statistical]

4. No that is a seperate find (Mari B). This one is off coast of northern Israel

Sorry for quality the only map I could find.


Still Mari B is no small field either. About 1 Trillion cubic feet of NG.

On Edit: Here is a better on.