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JewishJournal.com

April 18, 2012

Israeli well on cusp of producing Natural Gas

http://www.jewishjournal.com/finance/article/israeli_well_on_cusp_of_producing_natural_gas_20120418

An exploration well in Israel is scheduled to produce natural gas in July, just as the country’s sole reservoir is about to be drained.

Avner Oil and Gas and Delek Drilling announced April 16 that they will begin gas deliveries from the Pinnacle 1 well in July, the Israeli business daily Globes reported. The development plan for the well was approved in late March, the companies said.

A survey found that the Pinnacle 1 well contains up to 1.3 billion cubic meters of natural gas.

The Yam Tethys natural gas reservoir, Israel’s only reservoir, is close to running out.

Nobel Energy CEO Charles Davidson told Israeli Prime Minister Benjamin Netanyahu during an April 16 meeting that the company will work to start production from a larger reserve, the Tamar field, by April 2013. The Tamar field is said to contain some 9 trillion cubic feet of natural gas.

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