Israel’s Sara, Myra May Hold 6.5 Trillion Cubic Feet of Gas

July 5, 2011 by  

Bloomberg June 30, 2011

Holders of the Sara and Myra exploration licenses off Israel’s Mediterranean coast said today that a seismic survey showed they may hold 6.5 trillion cubic feet of natural gas.

“This is an excellent report for us and for the energy sector,” Ohad Marani, the chief executive officer of Israel Land Development Co. Energy Ltd., said at a conference in Tel Aviv. The average probability associated with the results is 54 percent, he said.

The results for Sara and Myra follow other gas finds off Israel since 2009, including the Tamar and Leviathan discoveries that together hold an estimated 25 trillion cubic feet. The finds are sufficient to meet Israel’s domestic needs eventually and enable it to export gas, industry executives and government officials have said.

“Its always exciting to find natural resources,” said David Kaplan, a Tel Aviv-based energy analyst at Barclays Plc. “The government has shown concern about having an effective monopoly on natural gas and none of the partners in Sara and Myra are partners in Tamar.”

Tamar partnership companies fell in Tel Aviv trading. Isramco Negev 2 LP dropped 0.7 percent to 0.42 shekels at 12:41 p.m. Avner Oil Exploration LLP (AVNRL) declined 2 percent to 2.03 shekels. Delek Drilling LP lost 1.5 percent to 11.31 shekels.

Kaplan noted that Tamar is already being developed and may produce gas by 2013, while Sara and Myra are still targeted prospects rather than discoveries. “In the best case scenario, where everything goes perfectly, the first product may be two to four years from now,” he said.

Israel Land Energy fell 8 percent in Tel Aviv today after rising 13 percent yesterday on press reports of the estimates. Modiin Energy Ltd., another partner in the licenses, retreated 8.1 percent after gaining 8.8 percent in the previous session.

To contact the reporters on this story: Sharon Wrobel in Tel Aviv at swrobel4@bloomberg.net; Gwen Ackerman in Jerusalem at gackerman@bloomberg.net.

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

 

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Comments

4 Responses to “Israel’s Sara, Myra May Hold 6.5 Trillion Cubic Feet of Gas”

  1. Iskandar Ibrahim on July 5th, 2011 4:56 pm

    Dear Sirs,

    Keep on drilling while your investors are willing to pay the cost.

    Tks,

    II

  2. raffy m. gatal on July 5th, 2011 8:26 pm

    pls. somebody answer my question..how many oil gas right now in Israel..and give the location where they are..and what year they discover this oil gas in Israel..because most of the oil gas i heard its only countries like saudi arabia, iran, kuwait, iraq and libya…i never heard Israel had oil gas before..thanks

  3. Tsemaye on July 8th, 2011 6:57 pm

    You will reach your desired goal. God has done much more before, He can do again because He is the same yesterday, today & for ever. With Him, nothing shall be impossible.

  4. raffy gatal on July 8th, 2011 9:49 pm

    hey..nobody answered my question!

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