Size of Israeli gas field 16% bigger than estimates
The size of natural gas reserves in Israel’s Leviathan offshore natural-gas field is 16.4% bigger than previously estimated, partners in the field said on Sunday.
Based on an updated analysis by consultant Netherland Sewall & Associates, the reserves’ “best estimate” was increased to 21.93 trillion cubic feet (620 billion cubic meters) from 18.91 tcf. The high estimate was raised by 10% to 26.52 tcf, while the low estimate was increased by 11% to 16.58 tcf.
As a result, the value of the field is now estimated to be worth between 10 billion shekels and 15 billion shekels ($2.9 billion to $4.4 billion) more than previously estimated. It was the second time the estimates of the size of the field, and its value, were raised. In May 2013 the estimated size of the reserves was raised by more than 18%.
“The dramatic increase in Leviathan’s gas reserves gives a wide range of export options and bases Israel’s position as a leading player in the international energy map with gas reserves of 1,000 billion cubic metres,” Delek Drilling CEO Yossi Abu said.