Written by: Aaron Katsman | March 3, 2009
Avner Oil and Exploration, one of the partners in the Tamar natural gas field off the Haifa Coast, received another 12 new offshore drilling licenses. According to Globes: “Avner Oil and Gas LP (TASE: AVNR.L) today received 12 new drilling licenses for the offshore Ruth and Alon prospects. Avner is one of the partners in the Tamar prospect, where huge natural gas reserves were found earlier this year. Eleven of the new licenses each cover a 100,000-acre area and the twelfth covers 79,500 acres. The licenses are valid for three years, through the end of February 2012. Avner’s work plan calls for mapping and analyzing the two prospects with new seismic surveys within nine months, followed by a feasibility study, more seismic studies, and the drilling of offshore wells by February 2011.”
It’s reasonable to think that there is more in the way of natural gas in the vicinity. It’s hard to think that there is just one deposit of natural gas. If Avner finds more of the fuel, Israel could become a global player for natural gas. How crazy is that?
Written by: Aaron Katsman | January 18, 2009
So a country that claimed little in the name of natural resources, has just hit the big time. As if right out of Jed Clampett and the Beverly Hillbillies, a huge amount of natural gas has been spotted in Israel’s back yard, just off the coast of Haifa.
Globes says, “Commercial quantities of natural gas have been found at the Tamar-1 well, 90 kilometers offshore from Haifa. The discovery amounts to the largest reserves found to date in Israel. The Tamar prospect in the Matan license is owned by Delek Group Ltd. (TASE: DLEKG) units Delek Drilling Limited Partnership (TASE: DEDR.L) and Avner Oil and Gas LP (TASE: AVNR.L) with a 15.625% stake each, along with Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L) (28.85%), and Noble Energy Inc. (NYSE: NBL) (36%), and Dor Gas Exploration Ltd. (4%)”
It appears that the amount available to drill is much more than originally thought, and many think that this just the begining of many offshore discoveries for Israel. How crazy is it that now not only will Israel not need to be dependent on foreign sources for natural gas, but will be net exporters of the gas. Giddy up.
Globes reports: “In response to today’s news about the natural gas discovery at the Tamar prospect, Delek Group controlling shareholder Yitzhak Tshuva told “IDF Radio” (Galei Zahal) this morning, “The success of the drilling is a historic milestone for Israeli economic independence. It could solve the country’s gas problems for many years and generations to come.”
“I have no doubt that that this is a great day for Israel. We now won’t be dependent on others for gas, and we’ll even be able to make exports. We’re talking about huge quantities.”
