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Noble Reports 3 Billion Barrels Of Oil At Leviathan Between Israel And Cyprus

Noble Energy has told analysts that Leviathan and the neighboring field in Cyprus might each contain 1.5 billion barrels of oil.

Noble Energy Inc. (NYSE: NBL) believes that as much as 3 billion barrels of oil might be discovered in Israeli and Cypriot waters. Delek Group Ltd. (TASE:DLEKG) is Noble Energy’s partner in the Leviathan prospect and the neighboring Block 12 (Aphrodite) prospect in Cyprus. Until now Noble Energy had only spoken about the potential for 1.5 billion barrels of oil at Leviathan but now it seems there may be similar oil potential at Block 12.

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Noble and Delek have already discovered 19 trillion cubic feet of natural gas at Leviathan and 4 trillion cubic feet at Block 12.

Noble confirmed the estimates that have been circulating in recent days that the oil potential in the region is double previous estimates during a comprehensive briefing with analysts. Regarding the start of an exploratory drill for oil at Leviathan, Noble Energy confirmed “Globes” reports that it will not begin before the end of 2014 or early 2015.

The main reason for the delay according to Noble Energy CEO Charles Davidson is the regulatory uncertainty over the Leviathan field’s development program.


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