Israel's offshore Yam Hadera field oil and natural gas estimates higher
BY SARA TOTH STUB
JERUSALEM -- Israeli energy exploration company Modiin Energy Partnership reports that new tests have revealed significantly more prospective oil and natural gas reserves in its offshore Yam Hadera license.
Recent tests by Netherland Sewell & Associates Ltd. indicated the reserve may contain 208 MMbbl and 3.4 Tcm of natural gas, Modiin said. Previous estimates put the amount of oil at 133 MMbbl and gas at only 1.4 Tcm.
The news significantly boosted shares of Modiin, which had suffered declines earlier this year due to two of the company's prospective gas wells turning out to be dry. Modiin, which owns all the rights to Yam Hadera, said it doesn't have final plans for further drilling and is still seeking partners and financing for developing the field.
There have been several large natural gas discoveries in Israel in recent years, including the large Tamar and Leviathan fields, in which Houston-based Noble Energy owns stakes. The Tamar field, which contains about 9 Tcf of gas, began production in March, selling natural gas to the local market. Although the government has earmarked some of Israel's natural gas for export, a clear market has not yet emerged for such gas, as Israel's geopolitical situation limits potential customers, according to experts.
Dow Jones Newswires