Israeli Leviathan Field Gas Estimates Up, Oil Down
January 15 2012 - 9:23AM
Dow Jones News
The Israeli partners in the offshore Leviathan natural gas and
oil field Sunday revised the estimated amount of gas reserves in
the field upwards to 20 trillion cubic feet from 16 trillion cubic
feet.
The partners also revised downwards the potential oil reserves
to 600 million barrels from 3 billion. The revisions are due to new
government requirements for how energy companies estimate the
amount of potential oil and gas reserves.
Leviathan, also partly owned by Noble Energy Inc. (NBL), is
expected to begin producing natural gas by 2016. It is one of
several natural gas reserves to have been discovered offshore
Israel in recent years. The other large reserve, Tamar, is expected
to begin production later this year.
Noble Energy owns 39.66% of Leviathan, and Delek Group Ltd.
(DLEKG.TV) units Avner Oil Exploration LP and Delek Drilling each
own 22.67%. Ratio Oil Exploration LP (RATI.L.TV) owns 15%.
At 1317 GMT, shares of Delek Drilling were down 0.65 shekels
($0.17), or 4.2%, at ILS14.93; shares of Avner were down ILS0.09,
or 3.6%, at ILS2.62; and shares of Ratio were down ILS0.038, or
10%, at ILS0.37, in a lower Tel Aviv market.
-By Sara Toth Stub, contributing to Dow Jones Newswires;
saratoth@gmail.com
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