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Large quantities of natural gas found off Haifa coast
More than 3 trillion cubic feet of natural gas discovered at well off of Israel's Mediterranean coast. 'This appears to be the largest discovery in the company's history,' says Noble Energy president

Noble Energy said on Sunday that it has discovered natural gas of more than 3 trillion cubic feet at a well off of Israel's Mediterranean coast.

 

Noble and a number of Israeli partners are part of the Yam Thetis consortium that has been drilling for natural gas for the last five years at what is called the Tamar site.

 

"This is one of the most significant prospects that we have ever tested and appears to be the largest discovery in the company's history," said Charles Davidson, Noble's president, chairman and chief executive, in a statement.

 

"Early indications are that the resources identified are very substantial, at least equal to our pre-drill estimated gross mean resources of over three trillion cubic feet. Subject to the collection of additional data, the resource estimate for Tamar could further increase," he said.

 

Noble Energy owns 36% of the site while Isramco Negev owns 28.75% and Avner Oil Exploration and Delek Drilling each hold 15.625%. Dor Gas Exploration owns 4%. Isramco Negev 2 is a subsidiary of Naphtha Israel Petroleum Corp.

 

The Tamar-1 drilling site is located 90 kilometers (56 miles) west of the northern port of Haifa.

 

Noble, Delek and Avner are already developing a natural gas site off Israel's southern coast with proven reserves of over 30 billion cubic meters of gas.

 

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