• 7 minutes Get First Access To The Oilprice App!
  • 11 minutes Japanese Refiners Load First Iran Oil Cargo Since U.S. Sanctions
  • 13 minutes Oil prices forecast
  • 17 minutes Renewables in US Set for Fast Growth
  • 4 hours Socialists want to exorcise the O&G demon by 2030
  • 20 hours Chinese FDI in U.S. Drops 90%: America's Clueless Tech Entrepreneurs
  • 19 hours Oceans "Under Fire" Of Plastic Trash
  • 2 days Is Natural Gas Renewable? I say yes it is.
  • 1 hour Good Marriage And Bad Divorce: Germany's Merkel Wants Britain and EU To Divorce On Good Terms
  • 14 hours Cheermongering about O&G in 2019
  • 2 days Blame Oil Price or EVs for Car Market Crash? Auto Recession Has Started
  • 6 hours *Happy Dance* ... U.S. Shale Oil Slowdown
  • 20 hours Duterte's New Madness: Philippine Senators Oppose President's Push To Lower Criminal Age To 9
  • 2 days Making Fun of EV Owners: ICE-ing Trend?
  • 1 day North Sea Rocks Could Store Months Of Renewable Energy
  • 2 days Emissions from wear of brakes and tyres likely to be higher in supposedly clean vehicles, experts warn
  • 2 days Orphan Wells

The Untapped Potential of the Levant Basin

The Eastern Mediterranean is an emerging region for natural gas development, and the resources underneath the seabed hold out the promise of an economic bounty to several small countries in the area.

Some of the natural gas fields just recently began to flow, but the buzz began back in 2010 when a U.S. Geological Survey report estimated that the Eastern Mediterranean held 1.7 billion barrels of oil and 122 trillion cubic feet of natural gas.

Known as the Levant Basin Province, the natural gas deposits stretch from the waters just off the coast of Israel, north to Lebanese and Syrian waters, and westwards to Cyprus.

Development quickly proceeded in Israeli territory shortly after the report’s publication.

ISRAEL

The development of the Tamar field has been a major achievement for the Israeli government. Israel, not naturally blessed with domestic sources of oil and gas, has long depended on imports to meet its energy needs. But the 2009 discovery of the large Tamar field in the Mediterranean changed the country’s fortunes. Holding an estimated 8 trillion cubic feet of natural gas, it was Israel’s largest discovery in history at that time.

And the Tamar was not the only field in the broader Levant basin to hold prodigious volumes of natural gas. A year later, the Leviathan was discovered. It was thought to hold 16 trillion cubic feet (tcf) of natural gas (450 billion cubic meters), double the volume of the Tamar field.…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin



Oilprice - The No. 1 Source for Oil & Energy News