Sunday, July 2, 2017

Partners in Israel's Tamar raise gas reserves estimate by 13 pct - REUTERS

Sun Jul 2, 2017 | 6:28am EDTReporting by Ari Rabinovitch; Editing by Tova Cohen

The partners in Israel's Tamar natural gas project said on Sunday the offshore field held 13 percent more gas than previously estimated.

An updated resource report indicated proved and probable reserves of 11.2 trillion cubic feet (318 billion cubic meters) of gas and 14.6 million barrels of condensate, up from 10 tcf of gas and 13 million barrels of condensate.

"The results of the well and the production data from the reservoir ... enabled the update of the reservoir model and the production forecasts," project stakeholder Delek Drilling said in a statement.

Tamar, which began production in 2013, is the primary natural gas supply for Israel and also exports to Jordan. So far it has produced more than 1 tcf.

"The updated reserves data indicate that the geological potential of the Levant Basin has not yet been fully tapped," Delek Drilling Chief Executive Yossi Abu said.

The reserves report was carried out by Texas-based Netherland, Sewell & Associates.

SOURCE / Delek Group Press Release / 
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