Oil & Natural Gas Exploration Boom in Israel

TEL AVIV (Reuters) – “A U.S.-Israeli exploration group led by Texas-based Noble Energy drilling at the Leviathan prospect in the eastern Mediterranean has found indications of natural gas, the Israeli partners said on Monday….

“Leviathan has been estimated to have gross unrisked mean resources of 16 trillion cubic feet (453 billion cubic metres) of natural gas and a geologic chance of success of 50 percent. Drilling at the site, some 135 km (84 miles) off the northern Israeli shore, began in October. Another Noble and Delek-led group has already found commercial quantities of natural gas of 8.4 (trillion cubic feet!) at the Tamar site, some 45 km closer to shore. That would be enough to supply Israel -- which is looking for energy independence -- with natural gas for about 20 years.”

Onshore Exploration Company Discovers Oil

“Present at the Knesset Economic Affairs Committee meeting was an Israeli company drilling onshore Israel, but to the south of Zion Oil’s exploration areas … they issued an estimate, based on two reports (by international firms Baker-Hughes and Greensand), of the amount of oil that they claim to have discovered onshore Israel. They reported that have had already sold 6,000 barrels of oil, claim proven reserves of 2.2 million barrels of oil and possible reserves of up to 56 million barrels of oil in their field.

The United States Geological Survey (USGS Survey)

The USGS report (issued April 8, 2010) “Assessment of Undiscovered Oil and Gas Resources of the Levant Basin Province, Eastern Mediterranean estimates a mean of 1.7 BILLION barrels of recoverable oil and 122 TRILLION cubic feet of recoverable gas in the Levant Basin… the value of the undiscovered oil and gas assessed in the USGS Survey amounts to approximately US$ 650 Billion… and of course all of Zion Oil’s exploration areas fall within the Levant Basin…

Zion Oil & Gas, Inc Exploring on 327,000 acre license and Permit Area in Northern Israel

Referring to Zion’s Ma’Anit – Joseph #3 well, Zion CEO Richard Rinberg states in a recent exploration update: “At Zion Oil, with world class discoveries of gas offshore and now a recent credible discovery of oil onshore Israel, we are eager to reach the drilling targets of our current well …”

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