An Israeli-U.S. consortium has drafted plans to launch a new drilling
project off the Mediterranean coast in October.
The consortium, led by Noble Energy, said the drilling in the Leviathan prospect could also result in the discovery of crude oil reserves. The first drilling project was at Tamar and said to contain 8.4 trillion cubic feet of gas.
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Noble, with a 40 percent stake, has assessed that Leviathan contains 16 trillion cubic feet of gas. The company said it would drill to a depth of 5,095 meters for offshore gas 135 kilometers west of the northern Israeli city of Haifa.
The consortium, which includes Avner Oil Exploration, Delek Drilling and Ratio Oil Exploration, said a secondary target was to reach up to 7,200 meters. Executives cited an eight percent chance of finding up to 1.2 billion barrels of oil.
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