Drill, which will reach depth of 5,300 meters below sea level, will cost $122 million and last about four months

Reuters
Published: 09.15.13

The partners in the Tamar natural gas field off Israel’s shore will begin an exploratory drill at a nearby reservoir estimated to contain about 0.7 trillion cubic feet (tcf) of gas.

The drill, which will reach a depth of 5,300 meters below sea level, will cost $122 million and last about four months, the companies said last week.

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The partners had announced the new discovery, called Tamar Southwest, last month, at which time they said they had not decided whether to develop it.

Tamar’s operator, Texas-based Noble Energy, recommended carrying out the drill given the high chances for success, the companies said.

Noble owns 36% of Tamar while Delek Drilling and Avner Oil Exploration, both subsidiaries of Delek Group, hold 15.625% each. Isramco Negev holds 28.75% and Dor 4%.

Two of the world’s largest offshore fields from the past decade were found in Israeli waters. The first of the fields – Tamar, with an estimated 10 tcf of gas – came online in late March.

http://www.ynetnews.com/articles/0,7340,L-4428499,00.html