More Gas Found Offshore Israel

Energy company Israel Opportunity on Sunday said a new natural gas field off Israel’s Mediterranean coast may hold about 3.2 trillion cubic feet (tcf) of gas, according to news agency Reuters.

The company provided a range for estimated reserves of 1.9 tcf to 5 tcf, with a best estimate of 3.2 tcf, the news agency added.

If the estimate is accurate, reserves for the Royee prospect, located about 150 km (93 miles) offshore along its maritime borders with Cyprus and Egypt, would be the third largest discovered in Israeli waters, Reuters quoted the company as saying.

The drilling of an exploration well is expected to begin in December 2015 and cost about $100 million, Israel Opportunity’s chief executive, Eyal Shuker, told Reuters.

Israel Opportunity holds a 10 percent stake in the Royee project. Ratio Oil has 70 percent and Italy's Edison holds 20 percent.