Noble sees giant East Mediterranean oil, gas potential

Noble Energy Inc. said it has identified 12 more prospects with more than 20 tcf of gross unrisked resource potential in the eastern Mediterranean that target sands equivalent to those it discovered at Tamar off Israel.

The company said its acreage also has total gross unrisked deep oil potential of 3.7 billion bbl, and the company plans to reenter the Leviathan discovery well to test the deep oil concept by early 2012.

Noble Energy is drilling the Cyprus A prospect, which has an estimated gross mean resource range of 3 to 9 tcf and a 60% probability of geologic success. It continues to appraise Leviathan with the drilling of the third well while evaluating field development concepts and commercialization options.

Noble Energy-operated Mari-B field off Israel has achieved record levels of production this year and since 2004 has lowered Israel’s energy costs by more than $7 billion and reduced carbon dioxide emissions by 17 million metric tons. At nearby Noa field, a recently sanctioned development project is expected to add 100 MMcfd of deliverability in mid 2012, partly offsetting anticipated depletion at Mari-B.

Meanwhile in deep water, appraisal work has increased the gross resource estimate of Noble Energy’s Tamar discovery to 9 tcf from 8.4 tcf.

The Tamar development project is on schedule for commissioning in late 2012. The platform jacket, deck fabrication, and pipeline installation are 50% complete, and onshore facility expansion is under way.

Noble Energy is in final stages of sales contract negotiations with Israel Electric Corp. and is in active discussions with existing and new customers. Israel gas demand remains robust, and anticipated base growth is 10%/year throughout the decade.