• 5 minutes Trump vs. MbS
  • 9 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 15 minutes Can the World Survive without Saudi Oil?
  • 1 hour WTI @ $75.75, headed for $64 - 67
  • 17 hours The Dirt on Clean Electric Cars
  • 13 mins Who's Ready For The Next Contest?
  • 8 hours These are the world’s most competitive economies: US No. 1
  • 7 hours The end of "King Coal" in the Wales
  • 24 hours Uber IPO Proposals Value Company at $120 Billion
  • 6 hours Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 8 hours Saudi-Kuwaiti Talks on Shared Oil Stall Over Chevron
  • 7 hours Coal remains a major source of power in Europe.
  • 3 hours EU to Splash Billions on Battery Factories
  • 1 day COLORADO FOCUS: Stocks to Watch Prior to Midterms
  • 3 hours U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 15 hours Poland signs 20-year deal on U.S. LNG supplies
U.S. And Europe Divided On The Future Of Oil

U.S. And Europe Divided On The Future Of Oil

Oil majors in Europe and…

The Implications Of A Fractured U.S., Saudi Alliance

The Implications Of A Fractured U.S., Saudi Alliance

With tensions between the United…

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


x

Join the discussion | Back to homepage

Leave a comment

Leave a comment

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