Israel’s energy future gets even brighter – 2 more massive gas fields, Myra and Sarah, confirmed off coast

Posted on July 1, 2011

"I do know where I'm going!"

Holy Moses!

Two more natural gas finds have been confirmed off the coast of Israel. Named Myra and Sarah, these fields are in addition to the even bigger gas fields of Tamar and Leviathan.

The Myra and Sarah licensees announced Thursday that their offshore fields have potential reserves of 6.5 trillion cubic feet of natural gas, according to an analysis of the 3-D seismic survey by Netherland Sewell & Associates Ltd.

Drilling is expected to begin in January, but it depends on the arrival of the rig, which is coming from a “leading American company”.

It is also estimated that Myra and Sarah could have 150.7 million barrels of oil. Myra has gross mean resources of 113.4 million barrels of oil, and Sarah has 37.3 million barrels of oil.

This news comes on the heels of new reports of Israel’s massive oil reserves stored in the shale of the Shefla basin south of Jerusalem. See links at bottom for much more.

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Globes - The Myra and Sarah licensees today announced that the fields have potential reserves of 6.5 trillion cubic feet of natural gas, according to an analysis of the 3D survey by Netherland Sewell & Associates Ltd. (NSAI). The discovery is the third largest gas discovery offshore from Israel, after the 8.6 trillion cubic feet at Tamar and 16 trillion cubic feet at Leviathan. Myra and Sarah are located in deep water northwest of Netanya, and southeast of Leviathan, and are part of the Levant Basin, which the US Geological Survey estimates has 122 trillion cubic feet of natural gas.

At today’s press conference, Israel Land Development Company Energy Ltd. (TASE: IE) CEO Ohad Marani said, “Today is a celebration. We are going to be the next big thing in Israel.”

According to the Petroleum Supervisor, ILDC Energy (through Emanuelle Energy Ltd.) owns 48.2% of the Myra and Sarah licenses, Modiin Energy LP (TASE:MDIN.L), controlled by Nochi Dankner’s IDB Holding Corp. Ltd.(TASE:IDBH) and Tzahi Sultan, owns 24.38%, Canada’s GeoGlobal Resources Inc. (AMEX: GGR) owns 5% through its Indian unit, Israel Petroleum Company Inc. (IPC) owns 13.6%, and Blue Water Oil and Gas Exploration Ltd., owned by Prentis Tomlinson owns 8.78%.

NSAI estimates the gross mean resources at Myra at 4.5 trillion cubic feet with a 58% probability of geological success and 1.9 trillion cubic feet at Sarah with a 43% probability of geological success. The average probability of geological success for both licenses is 54%, compared with 35% for Tamar.

NSAI also estimates that Myra and Sarah could have 150.7 million barrels of oil, with an 18% probability of geological success. Myra has gross mean resources of 113.4 million barrels of oil with an 18% probability of geological success, and Sarah has 37.3 million barrels of oil with a 23% probability of geological success.

More on Myra and Sarah, here, here, here, and here.

Previous posts related to Israel’s bright future:

• Tiny Israel to become oil, gas, and solar energy Goliath
• Spengler: Israel to become regional superpower by end of century as population hits 24 million
• New data: Israel may have 3rd largest deposit of oil shale in the world
• Israel on its way to joining “the energy-rich super-elite”
• Another big energy find in Israel’s future?