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Thursday, March 17, 2011     GET REAL

Western firms to join energy exploration program off Israel in Mediterranean

WASHINGTON — Western companies have joined an Israeli effort to explore energy reserves in the Mediterranean Sea.


So far, American, British and Canadian companies have joined the program to explore and develop natural gas reserves off the Israeli coast of the Mediterranean Sea.

In the latest development, Canada's GeoGlobal Resources has signed a drilling services agreement with Britain's Exceed Deep Water Drilling Specialists. Israel has already reported two gas reserves in the area.

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[On March 16, Egypt restored natural gas supplies to Israel and Jordan, Middle East Newsline reported. This marked the first operation of the gas pipeline in the Sinai Peninsula since it was bombed on Feb. 5.]

Under the accord, GeoGlobal and Exceed would cooperate in the exploration of the Myra and Sara licenses off the Israeli coast. Executives said Exceed would prepare for drilling at these two licenses, operated by GeoGlobal.

Each of the licenses held by GeoGlobal encompass 400 square kilometers. Executives said the company has processed three-dimensional seismic data to determine exploration prospects.

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