Leviathan gas estimate revised upwards


The best estimate of the amount of gas in Leviathan is now 21.93 TCF, 16% higher than previously estimated.

The estimate of the amount of gas in the Leviathan off the coast of Israel has again been revised upwards. The partners in the reserve report this morning that the amount of gas is 16% higher than previously estimated. According to an updated resources report by NSAI, the best estimate of the quantity of gas in Leviathan is 21.93 TCF (trillion cubic feet), which compares with 18.9 TCF in the company's previous resources report.

The estimated amount of condensate in the reserve has also been raised, from 34.1 million barrels to 39.4 million.

The rise in the resources estimate stems from a broader and deeper database on the Leviathan gas field, including new processing and analysis of the 3-D seismic surveys, and analysis of various laboratory tests of the rocks and fluids in the reserve.

The contingent resources report gives a low estimate of 16.58 TCF of gas for the reserve, 11% more than in the previous report, and a high estimate 26.52 TCF, 10% higher than in the previous report.

The Leviathan update brings Israel's proven gas reserves to 1,000 BCM.

Leviathan is owned by Noble Energy (39.66%), Delek Drilling (22.67%, Avner Oil and Gas LP (TASE: AVNR.L) (22.67%), and Ratio Oil Exploration (1992) LP (TASE:RATI.L) (15%).

Delek Drilling chairman and Avner CEO Gideon Tadmor said, "Today, we received excellent news for the Israeli energy industry, promising us energy independence for decades to come, and expansion of our export options, with all the economic and political advantages that that entails."

Published by Globes [online], Israel business news - www.globes-online.com - on July 13, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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