Isramco CEO: ‘No Drama for Israeli Gas’

Reports of a major new natural gas discovery off the coast of Israel have been exaggerated, according to Isramco CEO Eran Saar.

“The findings are encouraging, and bring new hope to the oil and gas exploration sector in Israel, but we should not go overboard,” Globes quoted Saar as saying.

“In my humble opinion, there is no drama here for the gas industry in Israel. This is not a discovery; it is only a report of potential resources, and there is no assurance at this stage that anything will come of it. I also emphasize that it involves 10 different blocs in the area of two Daniel licenses, each of which requires separate exploration drilling with different risks and chances. The road to a discovery, if any occurs, is still a long one.”

Saar’s comments followed an announcement earlier on Sunday by Israeli energy firms Isramco and Modiin Energy that they had found a “substantial” new gas field off the coast of Israel. The companies released an evaluation by Texas-based consultants Netherland, Sewell & Associates that claims that the new finds could contain over 9 trillion cubic feet of natural gas, close to the size of the Tamar gas field’s 10 trillion cubic feet.