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Europe Is Awash With Oil Stored On Ships

Europe Is Awash With Oil Stored On Ships

Bullish sentiment in markets makes…

Rig in Position at Israel’s Offshore Mediterranean Natural Gas Field

Israel intends to explore Mediterranean offshore natural gas fields that it claims are within its territorial waters, and Sedco now has its Express rig in position at Israel’s offshore Mediterranean Leviathan 3 natural gas field to begin drilling.

The Sedco Express rig will remains at the Leviathan well drill site for 120 days, according to a notice sent to shipping companies. The Leviathan 3 well is intended to verify the natural gas reservoir located by a 3D seismic survey of the structure and Leviathan 1 well driled in December 2010. Estimate of the Levithan’s total natural gas reserves range from is 16 trillion cubic feet to 21 trillion cubic feet.

Drilling at the Leviathan 3 site is expected to be completed within budget at a cost of about $100 million, Israel’s Globes business journal reported.

The news has seen prices on Tel Aviv Stock Exchange’s Oil and Gas Exploration index gain 13 percent in the past week of trading. Over the past year the rhetoric has been rising over the natural gas reserves; Noble Energy announced in January that its drilling in the 125 square mile Israeli Leviathan-1 offshore Mediterranean natural gas field had “the potential to position Israel as a natural gas exporting nation.”

By. Charles Kennedy, Deputy Editor OilPrice.com



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