Israel eyes gas bonanza from large offshore find

JERUSALEM, Jan 18 (Reuters) – A U.S.-Israeli exploration group said on Sunday it has discovered large natural gas deposits in the eastern Mediterranean with the potential to meet Israel’s gas needs for well over a decade.

Led by Noble Energy (NBL.N), the group said it found more than 3 trillion cubic feet (88 billion cubic meters) of gas at the Tamar exploration well, 90 km off the Israeli northern port of Haifa.

News of the deposit, which is three times as large as a site already in production off the country’s southern coast, sent energy shares soaring in a country anxious to reduce its dependency on foreign fuel.

“This is one of the most significant prospects that we have ever tested and appears to be the largest discovery in the company’s history,” Charles Davidson, Noble’s chief executive, said in a statement.

“Early indications are that the resources identified are very substantial, at least equal to our pre-drill estimated gross mean resources of over three trillion cubic feet. Subject to the collection of additional data, the resource estimate for Tamar could further increase,” he said.

Reuters UK