Huge New Gas and Oil Find off Israeli Coast
Ari Rabinovitch (Reuters)
Exploration company Israel Opportunity said on Sunday there are an estimated 6.7 trillion cubic feet of natural gas and 1.4 billion barrels of oil at its Pelagic fields offshore Israel, with a relatively high probability for geological success.
The estimate, made by Texas-based petroleum consultant Ryder Scott, covers five different sites about 170 km. off Israel's coast.
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"The quantity of gas discovere d in the licenses, and the high probabilities, make it the third largest offshore discovery to date," according to Israel Opportunity chairman Ronny Halman.
The five contiguous Pelagic fields (with 177 billion cubic meters of natural gas) are adjacent to the larger Leviathan (450 billion cubic meters) and Tamar (240 billion cubic meters) fields, discovered several years ago.