Noble Energy delays Leviathan oil drilling

Oil in Israel Newsletter

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March 15, 2010

Noble Energy's Mediterranean Offshore Licenses

Since its massive natural gas discovery in the Leviathan field offshore of Israel, Noble Energy has suspected that commercial oil reserves may lie beneath the gas find. Plans to begin oil drilling in Leviathan's two lowest strata have been delayed for a month due to technical concerns.

In a March 11 interview with Israeli news agency Haaretz, Epsilon Investment House energy analyst Ron Alkon stated, "A month's postponement of the results isn't, in itself, a sign that there is no oil. Since it is almost without precedent to be drilling for oil at these depths, and to avoid environmental problems and other possible malfunctions, they are taking their time to be prudent. It shows that there is still a considerable chance of finding oil. Just the fact that they intend to invest an additional $40 million in advance shows that the possibility is there." (read more ...)

COMMENT

Broadcasters buzz about Zion Oil & Gas at NRB

Zion's John Brown & Richard Rinberg with radio host Charles Crismier

Earlier this month the annual National Religious Broadcasters Convention in Nashville, Tennessee was a buzz over Zion Oil's recent exploration for oil and gas in Israel.

Christian television and radio broadcasters, including American Family Radio, Christian Television Network, the Herman and Sharon Show, Faith Radio with Bob Crittendon, and Charles Crismier's "Viewpoint" news radio show hosted Zion Oil & Gas Founder John Brown and CEO Richard Rinberg as they had shared Zion's vision and exploration activities in Israel with their audiences around the world.

"As believers (biblical prophecy being fulfilled in Israel) should be important to all of us as far as carrying the message that we have ... other people need to know that truth, that Jesus is the Messiah. And when G-d puts something in Torah and in the Tenach, that is His Word and His Word should not be doubted." John Brown stated as he discussed the biblical prophecy of a massive oil and gas discovery currently being fulfilled in Israel today.

Charles Crismier's radio interview with John Brown and Richard Rinberg can be heard in its entirety at:http://archives.inforadionet.com:8080/viewpoint/vp030111.mp3

COMMENT

Israel's gas will flow by 2013

Delek's Delek Group Ltd.(TASE: DLEKG) controlling shareholder, Yitzhak Tshuva, promised to speed up development of the Tamar natural gas field so that gas will flow to Israel in 2013. Production development from Israel's Tamar gas fields had been debated because of Israel's gas deals with Egypt. Due to the recent political uprising in Egypt, gas supply to Israel has been cut off (40% of total gas imports) leaving Israel in an energy crisis.

Globes News Wire (http://www.globes.co.il/serveen/globes/docview.asp?did=1000627225&fid=1725) reported Tshuva's comments to to the "Calcalist" Energy Conference yesterday March 2. "We are working round the clock. Despite delays and difficulties in financing the project, because of the Sheshinski recommendations, I say and commit that we will beat the original deadline. Gas will reach Israel's shores in 2013."

"We will meet all of Israel's needs, and we will do what is required of us. I believe that we'll reach understandings with the Ministry of Finance regarding an agreement with Israel Electric Corporation (IEC) (TASE:ELEC.B22) and financing. We didn't wait for financing to move forward, and as of now we've invested $1.4 billion in the project, and we'll meet all that is required of us. (read more ...)

COMMENT

Exploration News

2/10/2011

Egypt shuts off Israel's natural gas

1/31/2011

Oil Discovered in Northern Israel

1/31/2011

Dead Sea well approved for drilling

1/05/2011

Leviathan discovery opens a new era for Israel

1/05/2011

Zion Oil Reduces Warrant Price