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.
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.
About the Author: JewishPress.com brings you the latest in Jewish news from around the world. Stay up to date by following up on Facebook and Twitter. Do you have something noteworthy to report? Submit your news story to us here.
If you don't see your comment after publishing it, refresh the page.
Our comments section is intended for meaningful responses and debates in a civilized manner. We ask that you respect the fact that we are a religious Jewish website and avoid inappropriate language at all cost.
If you promote any foreign religions, gods or messiahs, lies about Israel, anti-Semitism, or advocate violence (except against terrorists), your permission to comment may be revoked.