Noble Confirms Leviathan Potential

Noble Energy Inc. confirmed estimates that its offshore Leviathan gas reserve contains about 16 trillion cubic feet of natural gas, making it Israel's largest energy discovery ever.

The discovery is thought to be large enough to meet Israel's gas needs for 100 years and could transform the country into an energy exporter, potentially lessening Europe's dependence on Russian supplies of natural gas. The field is located in 5,400 feet of water about 80 miles from the coastal Israeli city of Haifa and 29 miles southwest of the Noble's Tamar discovery.

Noble and partners in the project, including Netanya, Israel-based Delek Group Ltd., began exploratory drilling in October.

Noble and Delek are also partners in Tamar, another offshore field discovered in 2009 that is thought to contain 8.4 trillion cubic feet of gas.

Initial expectations target first production from Tamar by the end of 2012.

More about Leviathan HERE

Source: Noble Energy Inc.