June 24, 2010, Updated September 24, 2012

Global oil and gas exploration company Noble Energy says that initial analysis of 2D and 3D seismic data leads the firm to estimate the gross unrisked resource potential on its Eastern Mediterranean acreage to be in excess of 30 trillion cubic feet (tcf).

Noble says that at the Leviathan site offshore Israel, there are gross unrisked mean resources of 16 tcf of natural gas and a geologic chance of success of 50 percent.

Noble also published its progress on its previous Tamar project in Israel. Since that project is expected to supply Israel with its natural gas needs for the next three decades, a discovery at Leviathan, should there be one, would probably be earmarked for export.

According to reports in Israel’s leading financial daily Globes, in response to the preliminary results of the survey at the Leviathan site, Delek Group controlling shareholder Yitzhak Tshuva says that the discovery will change Israel’s geopolitical standing in the world.

“The chances of finding gas at the Tamar site were 35%, whereas the chances at the Leviathan site are 50%. We can say with full confidence that the potential is huge,” says Tshuva, adding “… Thanks to the discovery, Israel will become a player in the global energy market, and will supply energy to many other countries.”

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Jason Harris

Jason Harris

Executive Director

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