Israeli energy companies announce new gas discovery

11/12/2012

Israeli energy companies announce new gas discovery

BY SARA TOTH STUB

JERUSALEM -- A group of Israeli energy companies said that geological testing has revealed a large reserve of natural gas in another prospective offshore field adjacent to the massive Leviathan field.

Israeli companies Delek Drilling and Avner, which each own a 26.47% stake in the Karish prospective field, said that a geological survey shows that the field likely contains about 2 Tcf of natural gas with a 50% probability for successful harvesting.

According to the survey by consulting firm Netherland, Sewell and Associates, the field could contain as much as 3.4 Tcf, although the probability of that is lower. The companies said they don't yet have government permission to drill for gas in the field, and haven't yet decided whether or not to drill.

Noble Energy owns 47.1% of Karish, located near Israel's largest gas field, Leviathan, which contains an estimated 16 Tcf of natural gas. Noble, Delek Drilling and Avner, all also hold stakes in Leviathan. A handful of natural gas discoveries in recent years have put Israel on track for decades of energy independence once production begins.

Dow Jones Newswires

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