Two Israeli firms are eying a multi-trillion cubic feet deepwater gas field offshore Israel.
According to a resource report by Netherland, Sewell & Associates, the Og field lower sand contains 8.84 Tcf best estimate, unrisked gross prospective resources and the Og field upper sand contains 3 Tcf. Both also have some condensate.
The field is in the Daniel East license, operated by Israeli firms Isramco Negev and Modiin Energy, and has been covered by 3D seismic data, acquired in 2001 by WesternGeco with processing completed in 2013, according to the resource report. PGS also acquired a new seismic data set in 2014, which was processed by WesternGeco and completed in 2015.
Netherland, Sewell & Associates says the estimates depend on a petroleum discovery being made and even then there is 50% chance the recoverable volume will be equal to the resource best estimate. The report, and a further report on potential prospects in the neighboring Daniel West license, was published on the Tel Aviv Stock Exchange Sunday night. Daniel East and West are adjacent to Modiin's License 332 containing the Shimshon discovery, made in 2012 with further appraisal work carried out in 2015. Contingent resources are estimated at 550 Bcf best estimate. A detailed development plan was due to be submitted last year.
“We are excited at the potential that has been revealed for finding gas in the Daniel East and Daniel West licenses. This potential is of a significant size, which, if realized, could represent competition for existing reserves, and improve the country’s energy security,” said Ron Maor, CEO of Modiin Energy, reports El Ghad, a newspaper.
“Together with our partners we will carry out drilling to test the potential prospects as soon as possible. We hope that the State of Israel will encourage further activity in the potential gas reserves in the Daniel East and Daniel West fields,” he said.
The move comes a month after Israel paved the way for Noble Energy and Delek Group to move forward with the Leviathan development and Tamar expansion projects, despite opposition from environmental groups and a claim agains the move made by the Antitrust Authority.
Modiin Energy was founded in 1992 to explore for oil and gas in Israel. It currently has five offshore licenses in shallow and deep water, according to the firm's website.
Modiin agreed to acquire 15% in the Daniel East and West licenses in October 2012, with Isramco farming down further stakes to Petrica Energy, ATP Oil and Gas (now in administration) and Hanal, Israel Oil Company.
Isramco is also listed on the Tel Aviv Stock Exchange, but little information appears available for the firm.
Israel, long reliant on hydrocarbon imports, has been ramping up exploration, primarily offshore, in recent years, says the US Energy Information Administration (EIA). The Mari-B field, discovered in 2000, provided the first significant volumes of domestically produced natural gas to Israel's markets, but by 2012 the field's production plummeted. Tamar was discovered in 2009, with production starting 2013, followed by the Tamar Southwest discovery.
The most significant find, at around 22 Tcf recoverable, has been the Leviathan field, 80 miles offshore, in 1524m water depth, says the EIA. More recently the Royee field was discovered nearly 100 miles offshore with 3.2 Tcf best estimate.
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