The discovery well was drilled to a depth of 19,225 feet in water depth of about 5,540 feet. Results from drilling, formation logs and initial evaluation work indicate an estimated gross resource range(1) of 5 to 8 trillion cubic feet (Tcf), with a gross mean of 7 Tcf. The Cyprus Block 12 field covers approximately 40 square miles and will require additional appraisal drilling prior to development.
Charles D. Davidson, Noble Energy’s Chairman and CEO, said, “We are excited to announce the discovery of significant natural gas resources inCyprus on Block 12. This is the fifth consecutive natural gas field discovery for Noble Energy and our partners in the greater Levant basin, with total gross mean resources for the five discoveries currently estimated to be over 33 Tcf. This latest discovery in Cyprus further highlights the quality and significance of this world-class basin.”
Noble Energy operates the well with a 70 percent working interest. Delek Drilling and Avner Oil Exploration will each have 15 percent, subject to final approval by the Government of Cyprus.
(from Natural Gas Asia) Delek Drilling-LP (DEDRL) and its partners in Israel’s Tamar gas field have signed a $5 billon agreement to supply Dalia Power Energies Ltd. with natural gas for 17 years.
Bloomberg reports that Tel Aviv-based Dalia Power is building a power station using natural gas at the Tzafit site in central Israel. Once completed, the plant would supply some 8 per cent of national energy consumption, making it one of the country’s biggest privately operated power stations. Israel is encouraging the development of independent power producers to introduce competition in a market monopolized by state-owned Israel Electric Corp. “This is one of several deals that we expect to come,” said Richard Gussow, an analyst at Deutsche Bank AG in Tel Aviv.
In November of last year, South Korean giant Daewoo signed a deal with the partners in the Tamar field, (Noble, Delek Group and Isramco Inc.) to develop the Tamar gas field. Daewoo expects to produce liquefied natural gas from the field by the end of 2016. Estimates put the field to have 240 billion cubic meters of natural gas.
BEIRUT, Lebanon, Jan. 6 (UPI) — Lebanon has raised the stakes in the high-octane poker game under way in the natural gas-rich eastern Mediterranean by approving a law to administer offshore exploration and drilling, joining Israel, Cyprus and Turkey in a potentially explosive race for energy riches.
The Beirut government laid down the regulations for the emerging energy industry Wednesday.
“If all goes as scheduled,” said Cesar Abi Khalil, an Energy Ministry adviser, “the licensing round will be held this year.
“The companies will have six months to bid and then the winners will be chosen and exploration will begin.”
Energy expert Roudi Baroudi estimates that Lebanon’s reserves total three times those of Libya’s 54 trillion cubic feet. That’s probably a major overestimate. But it’s certain to heighten tension in the region triggered by Israel’s discovery of major gas fields off its coast, a drive by nearby Cyprus to follow suit and Turkey’s threat to send in its navy to stop the other two from joining forces to exploit the region’s energy riches.
On top of this, Beirut claims parts of the Israeli gas fields lie in Lebanese waters. The two countries are technically at war.
Hezbollah, the heavily armed, Iranian-backed Lebanese “resistance movement,” has warned it will repel Israeli efforts to “plunder” what it considers Lebanese energy reserves. Israel has vowed to use force to protect its assets.
Hezbollah and Israel fought a 34-day war in 2006 in which Lebanon’s infrastructure was heavily bombed. The seasoned Lebanese fighters battled Israel’s vaunted military to a standstill and claimed a “divine victory.”
Both sides view the inconclusive conflict as unfinished business.
It remains to be seen whether the dispute over the vast natural gas reserves, along with several billion barrels of oil, in the Levant Basin will be the trigger for renewed war.
But the bottom line is the infrastructure Israel is building, including offshore platforms and export terminals, is vulnerable to attack by Hezbollah, and even Syria and Iran.
If Beirut’s drive to get in on the regional energy boom does actually get under way, and that’s a big “if” since the threat of conflict could scare off potential investors, Lebanon will find itself in the same boat.
In theory, that could create a version of the Cold War concept of mutually assured destruction between the United States and the Soviet Union that prevented an atomic Armageddon from 1949-99.
It could, optimists argue, push the adversaries toward some sort of peace agreement.
But after more than 60 years of incessant warfare no one’s holding their breath.
Israel hit pay dirt in 2009-10, when Houston company Nobel Energy and its Israeli partner, Delek Drilling, found gas reserves totaling some 25 tcf — and that figure could increase as the full extent of the finds becomes known.
The main fields are Leviathan, with some 16 tcf of gas and believed to extend northward into Cypriot waters already dubbed the Aphrodite field, and Tamar with 8 tcf.
The prize is immense. The U.S. Geological Survey reported in 2010 that the Levant Basin, contains as much as 123 billion tcf of recoverable gas, the equivalent of 20 billion barrels of oil.
Moving into Cypriot waters takes the thorny issue into the embrace of yet another conflict, the age-old friction between Greece and Turkey and the frontline of that dispute, the divided island of Cyprus which has no energy resources of its own.
Turkey invaded Cyprus in 1974 following a short-lived, Athens-engineered coup by supporters of union with Greece. The Turks seized the north and declared the Turkish Republic of Northern Cyprus. It’s recognized only by Ankara. The Greek Cypriot administration in the south is universally recognized.
The Turks, led by the government of Prime Minister Recep Tayyip Erdogan, claims Nicosia has no right to explore for gas because the Cyprus issue has not been settled.
Add to this that Israel and Turkey, once strong allies, fell out in 2010 and are now bitter rivals, and the animosity just gets worse.
The Greek Cypriots are increasingly aligned with Israel under a plan to jointly export their gas by pipeline to the energy-hungry European Union via Greece, thus sharpening tensions with Turkey.
Nobel Energy, which spearheads exploration off Cyprus as well, has already reported initial indications of at least 7 tcf of gas in Aphrodite.
That’s sure to stir things up.
Modiin Energy LP (TASE:MDIN.L), controlled by Tzahi Sultan and Nochi Dankner through IDB Development Corp. Ltd., today [Sunday] announced that Netherland, Sewell & Associates Inc. (NSAI) estimates that the offshore Yam Hadera license has a best estimate of gross recoverable reserves of 133 million barrels of oil and 1.4 trillion cubic feet (TCF) of natural gas, with a geologic probability of success of 25-29%. For the sake of comparison, the Tamar reservoir has an estimated 9 TCF of gas and Leviathan has an estimated 16 TCF.
Modiin fully owns the Yam Hadera license, which comprises of three formations – Barnea, Shderot, and Zohar – in two sections, the northern and southern closures. The license is located 30 kilometers offshore between Hadera and Haifa. The license is valid through February 14, 2013. The survey covered a 485-square kilometer area and cost $4.4 million.
The low-end estimate is 49.7 million barrels of oil and the high-end estimate is 343.5 million barrels. The oil and gas are found in Cretaceous strata.
“We do not usually hold press conferences, but this time we decided to make an exception since the results from Yam Hadera are very significant,” IDB CEO Haim Gavrieli said this morning.
Sultan said, “We are currently one of the most liquid partnerships in the market. We are considering partnerships with local and foreign entities or remaining 100% private. I must say that we have had many offers for partnerships, some of which were quite surprising.”
On Wednesday, Modiin will provide the Ministry of Infrastructure with a drilling proposal, and will sign an agreement with the drilling rig by February 1. Drilling is slated to begin by June 1. The company estimates the cost of drilling at NIS 70-100 million.
Modiin Energy’s share price rose 1.6% in early trading today to NIS 0.38, giving a market cap of NIS 720 million.
Modiin Energy’s share price rose 1.6% in early trading today to NIS 0.38, giving a market cap of NIS 720 million.
Published by Globes [online], Israel business news – www.globes-online.com – on December 4, 2011
US Ambassador to Israel Dan Shapiro recently visited the Solitaire vessel which is laying the pipeline for the Tamar gas field in the east basin of the Mediterranean. The “Solitaire” is the largest pipe-laying ship in the world at 300 meters long and 96,000 tons. When fully operational she has a crew of 420, a pipe carrying capacity of 22,000 tons and a pipe lay speed of more than 9 km a day. This gas pipeline will travel to a pumping station on the coast of Northern Israel where it will be joined to Israel’s gas pipeline infrastructure supplying, among other needs, the nation’s electrical generating stations.
The new government in Athens could open a pipeline to export natural gas from countries including Israel to destinations in northern Europe, as Greece seeks to become a regional center for the transit of this energy source.
“We are trying to make Greece the hub for gas transit to northern European countries either via Italy or through the Balkans,” Greece’s environment, energy and climate change minister stressed to The Jerusalem Post in an exclusive interview on Monday morning in Jerusalem.
The minister, Giorgos Papakonstantinou, was the first Greek official to visit Israel since the country’s November 11 formation of a new coalition unity government headed by interim Prime Minister Lucas Papademos.
On November, 11, 2011 (11/11/11) a flash mob of 200 dancers suprised tourists and locals alike a spectacular show of Israeli Dance. The dance was choreographed Adi Gordon Rawlings, wife of David Rawlings, True Potential Media’s Jerusalem Media Manager.
The site was Jerusalem’s impressive Alrov Mamilla Avenue Shopping District. It’s events like this that bring surprise and joy to every lover of Israel and proof to the world that good things grow in Israeli Jerusalem.
Dallas, Texas and Caesarea, Israel – October 18, 2011 – Zion Oil & Gas, Inc. (NASDAQ GM: ZN) announced today that Mr. Victor G. Carrillo has been appointed as President and Chief Operating Officer of the Company, replacing Mr. William L. Ottaviani who, by mutual agreement with the Company, left to pursue other opportunities on October 14, 2011. Mr. Ottaviani resigned from the Company’s Board of Directors, as provided for in his employment agreement with the Company.
Mr. Carrillo, age 46, has been serving as the Company’s Executive Vice President since January 2011 and as a director since September 2010. Mr. Carrillo will continue to serve on the Company’s Board of Directors.
Mr. Carrillo is a petroleum geologist and geophysicist, attorney, former city councilman, former county judge and former statewide elected official in Texas. For almost eight years, ending in January 2011, Mr. Carrillo served as a commissioner of the Railroad Commission of Texas (the State of Texas Board with regulatory jurisdiction over oil and gas exploration and production) having served as chairman of the three-member statewide elected board twice. Mr. Carrillo holds a law degree from the University of Houston Law Center, a Master of Science degree in geology from Baylor University, and a Bachelor of Science degree in geology from Hardin-Simmons University. Mr. Carrillo also received an honorary doctorate degree from Hardin-Simmons University in May 2006. Mr. Carrillo’s background in petroleum geology and geophysics and regulatory experience as Chairman of the Railroad Commission of Texas furnishes to our board access to a greater understanding of both petroleum science and regulatory issues. Mr. Carrillo currently also serves as a director of Magnum Hunter Resources Corporation; an oil and gas company engaged in the acquisition, development and production of unconventional oil and gas resource plays in the United States and Canada. He also serves on the advisory board of the Maguire Energy Institute at Southern Methodist University in Dallas, Texas.
Zion’s Chief Executive Officer, Richard Rinberg, said today that, “I want to thank Bill Ottaviani for his contribution to Zion and wish him well in his future endeavours.
I am very pleased to announce Mr. Carrillo’s appointment as our President and Chief Operating Officer. Victor Carrillo has a wealth of experience in the petroleum industry and is an experienced petroleum industry professional. His skills as a petroleum geologist and geophysicist will serve our Company well as we strive to identify drilling prospect opportunities in our license areas, confirm our next drilling locations and implement our multi-well strategy, as we continue our pursuit to recover hydrocarbons in Israel.”
In his October 7 Newsletter, Zion Oil & Gas CEO Richard Rinberg wrote. “Our schedules may change, but today, we believe that it is most likely that Zion’s next well will be drilled in our Jordan Valley License in 2012.”
Earlier this month Zion signed a seismic acquisition agreement with the Geophysical Institute of Israel (GII) to conduct a 2D field seismic survey in its Jordan Valley License area that is scheduled to commence in late 2011 or early in 2012.
Israel has plans to enlarge its navy as the potential of a Mediterranean war with Lebanon looms over oil. According to an October 18 UPI report, Israel is considering adding Israeli built warships to protect the Leviathan and Tamar offshore oil and gas fields. Israel’s navy is already scheduled to receive three new German made Dolphin class submarines.
According to the UPI report, “Neighboring Lebanon, which is technically at war with Israel, claims that Leviathan, the largest field yet found, runs into its territorial waters. Israel rejects that claim. The Iranian-backed Hezbollah has threatened military action to prevent Lebanese energy reserved being ‘looted.’”
In the south, Israel also must protect its current offshore gas platforms near Gaza from potential Hamas attack.
Both Hezbollah and Hamas are reported to have acquired anti-ship missiles from Iran that could be used against Israel’s offshore drilling platforms. Additionally, terrorist groups could simply sail explosive laden boats up to the platforms and detonate their cargo.
Lebanon’s news agency, The Daily Star, reported today that, “Lebanon is gearing up for a long-term oil and gas production program although the looming diplomatic crisis with Israel over each country’s share of undersea fossil fuels threatens full-scale conflict …”
Lebanon, still technically at war with Israel, disputes the current Israeli Lebanese maritime border and claims that thousands of square kilometers of Israel’s Tamar and Leviathan gas fields are within Lebanon’s maritime ‘Exclusive Economic Zone.’ The terrorist organization Hezbollah, now an official member of Lebanon’s government and backed by Syria and Iran has vowed that it will not let Israel take possession of the offshore oil and gas fields. Hezollah leader, Seyyed Hassan Nasrallah , stated earlier this year, “Those who put a hand on the Lebanese territories that have oil assets will have their territories harmed in return.”