Israel's Karish Offshore Well May Contain Up to 100 Billion Cubic Meters of Gas

Delek Group and Noble Energy complete exploratory drilling at the Karish 1 offshore drilling well.

The Karish offshore natural gas prospect may contain 80 billion to 100 billion cubic meters of gas, partners Delek Group and Noble Energy announced on Wednesday night.

Exploratory drilling at Karish 1, conducted 75 kilometers off the Haifa coast at a depth of 4,800 meters, has been completed. The reserve had previously been estimated to contain 2 BCM of natural gas, or 56 billion cubic feet. The quantities are currently an estimate; the partners have not confirmed that the site contains a quantity of gas worth drilling, although the chances are thought to be high.

If these figures prove true, the prospect would be about one-fifth to one-sixth the size of the Leviathan gas reserve, which is thought to contain 19 trillion cubic feet of natural gas, making it the world’s largest gas discovery in a decade. ‏

In the coming days, the partners are expected to begin seeking a more precise estimation of the amounts of gas at the site using electric logging.

Delek took advantage of Wednesday's announcement to push forward the recommendations drafted by the Tzemach committee regarding the export of gas.

"Natural gas discoveries are a significant source of growth for the economy," said Delek Drilling CEO Yossi Abu. "The export of significant amounts encourages additional firms in Israel and the world to invest major funds in additional exploration. And past experience … has proven that when you search for more gas, you find more gas." 

Karish, by the way, is the Hebrew word for "shark".

Offshore Leviathan natural gas drilling site.
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