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Oil Rises On OPEC’s Production Decision

Oil Rises On OPEC’s Production Decision

Oil rallied after OPEC’s meeting…

Hopes are High as Drilling Set to Begin in Israel's Pelagic Natural Gas Fields

In recent times exploration companies have found large reserves of natural gas in the Eastern Mediterranean leading to many oil and gas companies racing to buy up offshore licenses in the area, especially around Israel and Cyprus; all hoping to make the next big find.

The Tamar and Leviathan fields, both off the coast of Israel, are two of the largest offshore discoveries in several decades. The Pelagic fields are situated near to the two monsters, and hopes are high that similar deposits may be found there.

The Ishai field is the first of five licenses that have been granted in the Pelagic region, about 160 kilometres off the coast of Israel, and initial estimates give it a capacity of 3.7 trillion cubic feet of gas.

Exploration drilling is set to begin in November, and last about three months.

The well will be operated by Norway’s AGR, who have a 5% stake. Israel opportunity has a 10% stake, and the Israeli billionaires Benny Steinmetz and Teddy Sagi each control 42.5% a piece.

By. Joao Peixe of Oilprice.com



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