• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 9 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 24 mins Could Someone Give Me Insights on the Future of Renewable Energy?
  • 12 hours How Far Have We Really Gotten With Alternative Energy
  • 1 day "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 2 days Bankruptcy in the Industry
  • 2 days The United States produced more crude oil than any nation, at any time.
LNG Bunkering Sales Off to a Strong Start in 2024

LNG Bunkering Sales Off to a Strong Start in 2024

LNG maintains its dominance as…

Gas Glut? Not for Long.

Gas Glut? Not for Long.

Low prices invariably stimulate stronger…

Argentina Taps Waste Gas To Mine Bitcoin

Argentina Taps Waste Gas To Mine Bitcoin

Crypto companies are tapping into…

Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

More Info

Premium Content

This One Number Just Changed The Outlook For Global NatGas

This One Number Just Changed The Outlook For Global NatGas

The eastern Mediterranean is very quietly becoming one of the most important spots globally for natural gas. With recent mega-finds in places like Egypt and Israel holding the potential to change the supply picture for the region, and beyond.

But news this week suggests there may be some hiccups coming for development in this critical area.

That came from Israel. Where Platts broke the story that the much-touted Leviathan offshore natgas discovery may not be as big as originally believed.

Industry sources told the news service that Israel’s government has just received a new report assessing reserves at Leviathan. And the numbers don’t add up with previous appraisals here. Related: Oil Crash Creates Glut Of Petroleum Engineers – More Layoffs Coming

Anonymous sources said the new reserves evaluation for Leviathan, prepared by SGS, came in at 16.6 trillion cubic feet — down a stunning 24 percent from previous assessments on the field, which had assessed Leviathan’s reserves at 21.9 Tcf.

There’s still a lot of uncertainty swirling around this issue. With Leviathan’s owners — Noble Energy, Delek Group and Ratio Oil Exploration — releasing a statement saying there has been no change in their assessment of Leviathan’s reserves.

But the dissenting reserves report was apparently prepared not for the operators, but was independently commissioned by Israel’s Energy and Water Resources Ministry. For its part, the ministry would only say that it has received an assessment — without disclosing any of the details. Related: Saudi Arabia Releases Ambitious Plan To Diversify Economy

Israeli government officials are now reportedly conducting a second assessment with another international consulting firm. Presumably to verify the unsettling drop in Leviathan’s reserves.

If the reduced reserves figures do stand up, it could be a gamechanger for the region. With sources telling Platts that the revision would reduce the amount of gas Israel could export to Europe, Turkey and Egypt.

Places like Egypt badly need this supply. And a reduction in potential exports could send other countries scrambling for new supplies — perhaps sending ripples through the global market.

Watch for confirmation from the Israeli government on just how much gas its new mega-field really holds.

Here’s to the real numbers

ADVERTISEMENT

By Dave Forest

More Top Reads From Oilprice.com:

 


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News