Noble Energy Raises Gas Estimate for Leviathan Field Off Israel

Noble Energy Inc. (NBL) boosted the estimated amount of natural gas at the Leviathan prospect off the coast of Israel, its biggest find ever, after getting results from another appraisal well.

The company said the discovery holds an estimated gross mean resource of about 17 trillion cubic feet and may hold as much as 20 trillion cubic feet, according to a statement today. That gross mean estimate is 6.3 percent more than the 16 trillion cubic feet the Houston-based company announced last year.

“The reservoir thickness and quality were greater than anticipated,” Noble Energy said in the statement. The appraisal well, more than 3 miles (5 kilometers) east of the original discovery, was drilled to a depth of 17,146 feet (5,226 meters) in about 5,480 feet of water, according to the release.

Noble Energy operates Leviathan and holds a 39.66 percent interest. Delek Drilling LP and Avner Oil Exploration LLP (AVNRL) hold 22.67 percent stakes and Ratio Oil Exploration 1992 LP (RATIL) owns the remainder.

To contact the reporter on this story: Bradley Olson in Houston at bradleyolson@bloomberg.net

To contact the editor responsible for this story: Tina Davis at tinadavis@bloomberg.net