Israel's Leviathan Field May Hold 4.2 Bn Barrels of Oil

08/29/2010 09:57

From Israel National News:

Companies involved in the exploration of the Leviathan gas field off the Haifa coast said Sunday that there was a chance that the field contained as many as 4.2 billion barrels of oil. In a statement to the Tel Aviv Stock Exchange, the companies said that based on geological studies, there was a 17% chance that the oil could be discovered at a depth of 5,800 meters, while there was an 8% chance of finding another 1.2 billion barrels at a depth of 7,200 meters.

Drilling will begin in October, and the initial project will cost about $150 million. A more definitive picture of the oil reserves in the field is likely by March, the companies said.

 

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