A gigantic natural gas field that could yield millions of barrels of oil was recently discovered on the maritime border between Israel, Lebanon, the Gaza Strip, Cyprus, and Northern Cyprus.
While it is one of the world's richest natural gas reserves, the Levant Basin Province is located between countries with endless amounts of mutual hatred. It straddles the sea borders of Israel, Lebanon, Palestine, the Republic of Cyprus and the Turkish Republic of Northern Cyprus.
The largest section discovered so far, the Leviathan gas field, is believed to possibly contain, alongside natural gas, 4.2 billion barrels of oil. Leviathan straddles the Israeli-Lebanese maritime border. Israel is currently in a state of war with Lebanon and does not recognize the de-facto Hamas Palestinian government in the Gaza Strip.
More on the technical apsects of the discovery and planned exploration and production from Green Car Congress:
Texas-based Noble Energy, Inc. announced a significant natural gas discovery at the Leviathan exploration prospect offshore Israel.
The results from the well confirm the pre-drill estimated resource range, with a gross mean for Leviathan of 16 trillion cubic feet (450 billion cubic meters). The Leviathan field is estimated to cover approximately 125 square miles (325 square kilometers) and, as a result of its size, will require two or more appraisal wells to further define total gas resources, according to Noble.
Leviathan-1, located in approximately 5,400 feet (1,645 meters) of water, is about 80 miles (130 kilometers) offshore of Haifa and 29 miles (47 kilometers) southwest of the Tamar discovery. Drilled in the Rachel license, the well encountered a minimum of 220 feet (67 meters) of net natural gas pay in several subsalt Miocene intervals. Apparent reservoir quality is very good, and the intervals discovered are geologically similar to those intersected at Tamar.
Drilling at Leviathan-1 will continue to a planned total depth of 23,600 feet (7,200 meters) to evaluate two additional intervals. Current well depth is 16,960 feet (5,170 meters). Results from the deeper tests, which have a low chance of success, are expected over the next couple of months.
Noble’s second contracted rig will arrive in the Eastern Mediterranean in early 2011 to spud a Leviathan appraisal well located 8 miles (13 kilometers) northeast of the discovery well. _GCC
The huge shale gas finds in North America -- with ever-growing reserves -- are only the beginning of the unconventional hydrocarbons revolution.
When oil prices are spuriously run up in the fashion of 2007-2008, and in the current run-up in price, the marketplace is likely to respond as soon as it can.
In the modern Obama regime atmosphere of energy starvation, and the carbon hysteric regimes of EU countries, the energy markets can be quite arthritic and slow to respond. Nevertheless, eventually things begin to move, where money can be made.
By. Al Fin
oilprice.com
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