Photo Credit: Albatross Aerial photography/Nobel Energy/FLASH90

Noble Energy now estimates that that its Leviathan oil field discovery in Israeli and Cypriot waters may contain up to 3 billion barrels of oil, double the previous estimate that did not include Block 12 off of Cyprus.

The same field also ready has been determined by Noble and its partner Delek to contain 19 trillion cubic feet of natural gas and another 4 trillion at Block 12. At today’s prices, the value of the potential oil field is nearly $3 billion.

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Noble told analysts that drilling will not begin before the end of next year.

Israel began using its own off-shore natural gas for the first time earlier this year and have brought Israel on the way to energy self-sufficiency as well as an exporter of energy.

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6 COMMENTS

  1. The oil-rich barons of the middle east have done zilch to help their "brothers" in the rest of the world, where they live in squalor or are victims of natural disasters or have even been subjected to fanatic leaders – these, mainly Saudis, will end up drinking their oil as they have been too greedy to share their bounty. Israel will, as always spread the wealth of their discovery and with Gd's will, the world just may become a better place for it. I live in hope…!

  2. The World still does not realize what this "find" means. This great Nation of Israel just pulled itself up by it's 'bootstraps' once again. Is there another country in the whole world as strong, healthy and free (yes, with all their worts) that occupies less territory than almost every other country on earth ?

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