Energy Watchblog

Land Drilling Rig Outlook Appears ‘Positive’

<div class="separator" style="clear: both; text-align: center;"></div><div id="Article_Byline" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><span style="clear: left; float: left; font-size: small; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiKs5oAAo5mTzqfZU4mtd8-1qyg3DQHBXIgu2HybAQANJf-K7_juS65Lr2rKyLH95ozHqUSl_wWwozqCgX-ambzvjAW7x-yMVbDb-RH8ofWx_ZFFaK9fLujEjFmXk-QGfseTjXCl_C2eFlu/s1600/shalegas.jpg" /> </span><br /><span style="font-size: small;">Demand for land drilling rigs is expected to increase 23% by 2017 with the greatest percentage of growth expected in Western Europe, according to a forecast released recently by Douglas-Westwood. </span><br /><br /><span style="font-size: small;">Although the region has a small number of rigs compared to other areas, anticipated unconventional action could spark a 63% increase in drilling rigs within the next five years. Currently, the Western European region has an estimated 115 capable drilling rigs, according to the report. Pushing the number higher is expected focus on shale reserves within the UK region.</span></div><div id="ArticleContent" style="background-color: white; float: left; font-family: Arial,Helvetica,sans-serif; line-height: 22px; margin-top: 15px; width: 550px;"><div class="articleBody" style="padding-bottom: 40px;"><span style="font-size: small;"><br /></span><span style="font-size: small;">Onshore shale gas basins in Western Europe are believed to hold 10.5 Tcm (72 Tcf) of technically recoverable resources, according to the US Energy Information Administration. About half of this amount is in France’s Paris and Southeast basins.</span><br /><span style="font-size: small;"><br /></span><span style="font-size: small;">“With many fields in the traditional producing regions of the world reaching maturity, unconventionals will account for an increasing proportion of future hydrocarbon production,” Hannah Lewendon, the report’s author, said in a prepared statement. “Deviated and horizontal drilling is likely to increase as a result of this, driving demand for higher specification rigs that are capable of such complex techniques.”</span><br /><span style="font-size: small;"><br /></span><span style="font-size: small;">The report showed that deviated and horizontal wells currently represent 28% of the development wells worldwide. Around 31% of total wells are predicted to be nonvertical by 2017.</span><br /><span style="font-size: small;"><br /></span><span style="font-size: small;">Overall, “the global fleet will need to increase by approximately 1,303 capable units to meet drilling demand,” according to the report. “Strong volume growth in North American, Asian, Eastern European, and former Soviet Union (FSU) markets is expected to drive the increase, although all other regions can expect to see increases in their fleet size through 2017.”</span><br /><span style="font-size: small;"><br /></span><span style="font-size: small;">Demand drivers include higher global production targets and the increasing complexity of well requirements as well as exploration in new regions and EOR in mature regions, the report said.</span><br /><span style="font-size: small;"><br /></span><span style="font-size: small;">Rigs drilled onshore are forecast to increase 20% by 2017. The uptick in activity is unlike what the industry experienced in the previous five-year period, when an economic downturn resulted in a 3% drop in wells drilled. In North America the number of rigs drilled decreased 28% from 2008 to 2009, according to the report.</span><br /><span style="font-size: small;"><br /></span><span style="font-size: small;">In the next five years, however, North America’s capacity of 3,487 capable drilling rigs is predicted to increase by 11% as operators continue developing shale resources with activity nowadays focused more on oil than gas.</span><br /><span style="font-size: small;"><br /></span><span style="font-size: small;">“Growth in oil demand from advancing economies is expected to continue, and markets formerly inaccessible to western drilling contractors are allowing greater access,” Lewendon said. “Although the activity of international rig contractors is growing in some countries, markets with high rig counts including China, India,and Venezuela remain dominated by national oil companies’ operations.”</span><br /><span style="font-size: small;"><br /></span><span style="font-size: small;">Asia, which has an estimated 2,065 capable drilling rigs, could see a 13% increase within five years. Australasia, where the report said most rigs are designed for drilling at shallow depths, could experience a 22% increase. The region currently has about 364 capable drilling rigs.</span><br /><span style="font-size: small;"><br /></span><span style="font-size: small;">Latin America, which has an estimated 835 drilling rigs, could have an 11% percent increase, according to the report.</span><br /><span style="font-size: small;"><br /></span><span style="font-size: small;">National oil companies also continue to dominate the majority of markets within the Middle East and North Africa region, but growing international contractor participation in the significant rig fleets of Iraq and Kuwait is likely to continue throughout the forecast period.</span><br /><span style="font-size: small;"><br /></span><span style="font-size: small;">The report showed the FSU and Eastern European regions combined have an estimated 2,073 capable drilling rigs. That amount could grow by 15% by 2017.</span><br /><span style="font-size: small;"><br /></span><span style="font-size: small;">“Despite the forecast growth, challenges remain including the political instability in the Middle East,” Lewendon said. “However, increasing difficulties here will only serve to shift drilling activities to more stable countries.”</span><br /><span style="font-size: small;"><br /></span><span style="font-size: small;">The Middle East and North Africa regions, where “highly productive wells are invariably drilled by modern rig fleets in major markets including Saudi Arabia and Algeria,” has just more than 1,000 drilling rigs. This amountcould grow 6% by 2017.</span><br /><span style="font-size: small;"><br /></span><span style="font-size: small;">Security also is of concern in Sub-Saharan Africa, the report noted. Despite the concerns, which also include rig mobility issues, the number of drilling rigs is predicted to jump by 38%. The region currently has 124 rigs.</span><br /><span style="font-size: small;"><br /></span><span style="font-size: small;">Douglas-Westwood called the outlook for growth “positive,” but pointed out obstacles. Maturing fields and new hydrocarbon resources will increase the demand for rigs capable of deviated drilling, the report said. “As [EOR] and fracturing techniques become more in demand, greater investment and addressing of environmental concerns will need to take place as the industry seeks to increase output from previously inaccessible reserves.”</span><br /><span style="font-size: small;"><br /></span><span style="font-size: small;"><i>Contact the author, Velda Addison, at <a href="mailto:vaddison@hartenergy.com" style="text-decoration: none;">vaddison@hartenergy.com</a>.</i></span></div></div>

Land Drilling Rig Outlook Appears ‘Positive’

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East Mediterranean Finds Reveal Area’s Gas Potential

<div id="ArticleToolBar" style="background-color: white; border-bottom-color: rgb(223, 223, 223); border-bottom-style: solid; border-bottom-width: 1px; border-top-color: rgb(223, 223, 223); border-top-style: solid; border-top-width: 1px; font-family: Arial, Helvetica, sans-serif; font-size: 8pt; line-height: 17px; margin: 0px 0px 10px; padding: 4px 0px;"><br /><div id="Article_Byline" style="color: #666666; float: left; font-size: 13px; margin-left: 3px;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_40Nz8Rj2DQld2F5fKR_NFKffr_47nSWrDlhIsMOU6AD6oZTpa_0kUEr9hFTin9pu7KrXXGE2_Ybfv7c4oupDa8u4LzZYTgrjv8JbG4XK_GefiXiNggVLRa58a332PDLOAJfhJ_5rSLdk/s1600/Interperted-seabed-horizon_Eastern-Mediterranean-MegaProject330x327.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="317" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_40Nz8Rj2DQld2F5fKR_NFKffr_47nSWrDlhIsMOU6AD6oZTpa_0kUEr9hFTin9pu7KrXXGE2_Ybfv7c4oupDa8u4LzZYTgrjv8JbG4XK_GefiXiNggVLRa58a332PDLOAJfhJ_5rSLdk/s320/Interperted-seabed-horizon_Eastern-Mediterranean-MegaProject330x327.jpg" width="320" /></a></div><i style="color: #333333; font-size: 14px; line-height: 22px;">Despite its political concerns, the region has become an exploration hot spot. </i><span style="color: #333333; font-size: 14px; line-height: 22px;">Gas discoveries in the offshore Levant basin could change the energy supply dynamics in the Eastern Mediterranean region and spur natural gas exports in the near future, according to a new report.</span><br /><span style="color: #333333; font-size: 14px; line-height: 22px;">Reserve figures from countries in the region – Cyprus, Israel, Syria, Lebanon, Palestinian territories, and Jordan – are likely to change as more drilling takes place. Reserves from discoveries made since 1999 by Cyprus, Israel, and Palestine territories alone stand at more than 41.4 Tcf (1.17 Tcm), according to the US Energy Information Administration (EIA).</span></div></div><div id="ArticleContent" style="background-color: white; color: #333333; float: left; font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 22px; margin-top: 15px; width: 550px;"><div class="articleBody" style="padding-bottom: 40px;">In a global context, the region’s reserves do not even hit 1% of the world’s total proven oil and gas reserves, but the small region has become a hot spot following some big discoveries in recent months. The region also is a political hothouse and securing export routes will be a major challenge, especially with Syria’s current turmoil causing international concern.<br /><br /><b>Discoveries Offer Potential</b><br />“Uncertainty over the location and configuration of export infrastructure persists, but several proposals are making progress despite complications posed by regional security problems, territorial disputes, and macroeconomic uncertainty,” the EIA said.<br />“There have been a number of significant discoveries of natural gas in the Levant basin since 1999. Large fields in Cyprus and Israel contain most of the recently discovered natural gas reserves. Together the estimated recoverable reserves in these fields total more than 40.5 Tcf (1.15 Tcm) of gas.”<br />The main discoveries in the region are: Aphrodite in Cyprus with 7 Tcf (198.3 Bcm); Israel’s Tamar (10 Tcf/283.3 Bcm), Leviathan (18 Tcf/509.9 Bcm), Tanin (1.2 Tcf/33.9 Bcm), Karish (1.8 Tcf/50.9 Bcm), and Mari-B (1.5 Tcf/42.5 Bcm). Palestine also claims the Gaza Marine find (1 Tcf/28.3 Bcm) as its resource.<br />“A large share of the newly discovered energy resources will help meet domestic demand in the countries of the Eastern Mediterranean region, but there could be enough surplus natural gas to spur exports from Cyprus and Israel,” the report said.<br />“Determining how and where to export natural gas remains a topic of continued debate, with several proposed export routes competing for political and economic support.”<br /><b>Export Options</b><br />There are proposals, at different stages of development, to export gas via pipeline and as LNG from Cyprus and Israel.<br />A proposed LNG terminal in Cyprus already has started pre-FEED work and could start construction in 2015. Cyprus hopes to incorporate volumes from fields in offshore Israel into its plans, but Israel appears to prefer its own LNG facility at this stage, the EIA said.<br />Other natural gas export options include: a new pipeline from the Eastern Mediterranean to Crete, where the volumes could flow into the European grid; a new pipeline from the Eastern Mediterranean to Turkey; and the use of existing infrastructure to send volumes to Egypt for export via its LNG facilities.<br />“Several factors may influence how and when exports may come online: regional insecurity, such as the ongoing conflict in Syria and the recent unrest in Egypt; territorial disputes, such as that between Israel and Lebanon; and the status of economies in both potential exporting countries and destination markets like Europe and Asia,” the report said.<br /><b>Levant Basin Reserves</b><br />Extending across a large section of the offshore areas of the Eastern Mediterranean, the Levant basin is at the center of recent exploration activity in the region.<br />In a 2010 report, the US Geological Survey (USGS) estimated that the Levant basin has mean probable undiscovered oil resources of 1.7 Bbbl, natural gas resources of 122 Tcf (3.46 Tcm), and NGLs of 3.1 Bbbl.<br />“While the USGS estimates do not reflect the entirety of potential energy resources in the Eastern Mediterranean region, the resources of the Levant basin likely represent a large part of the overall resource base,” the EIA said.<br />“The USGS estimate of 1.7 Bbbl of oil, if discovered, would increase the region’s proved reserves by slightly less than 70%, while the 122 Tcf (3.5 Tcm) of natural gas represents more than six times the region’s current proved reserves.<br />“An additional 1.7 Bbbl of oil in the Levant basin would meet regional demand for roughly 20 years at current levels of consumption, while 122 Tcf (3.5 Tcm) of natural gas could meet current regional demand almost indefinitely.<br />“Nearly all the recent significant discoveries in the Levant basin were of natural gas, and, while offshore exploration may eventually yield recoverable quantities of oil, to date there have not been any commercially viable discoveries.”<br /><b>History And Politics</b><br />The oil and gas sector sprang into life in the Eastern Mediterranean around 80 years ago when oil exploration started in Syria following the successes in neighboring countries like Saudi Arabia.<br />Syria and Israel are also natural gas producers, although those sectors did not develop commercially until the 1980s in Syria and the mid-2000s in Israel. Jordan has had very low levels of production of oil and natural gas since the 1980s, and the country relies primarily on imports to meet internal demand.<br />In Cyprus, Lebanon, and the Palestinian territories oil exploration and development is still in their infancy; however, each is keen to capitalize on successful offshore exploration in the Levant basin to develop their own domestic natural gas reserves.<br />“Today, there is considerable focus on exploration and new projects, but international transit remains a key policy consideration of several Eastern Mediterranean countries. As the region continues to discover and develop hydrocarbon resources, the pressure to increase its role as an important energy hub is likely to increase,” the EIA said.<br /><b>Geology</b><br />The Eastern Mediterranean region includes eight significant basins: Cyprus, Eratosthenes High, Latakia, Levant, Judea, Nile Delta, Western Arabian Province, and Zagros Province.<br />The majority of the historical hydrocarbon production has taken place in the Nile Delta, Western Arabian Province, and Zagros Province.<br />Most of the Nile Delta basin lies within Egypt’s territorial waters, although there is a small area under Cypriot control. To date, there have not been any significant discoveries in the Cypriot territory, although much of Egypt’s offshore oil and gas production comes from the area.<br />The Western Arabian Province basin covers large parts of Jordan and Syria and extends into Iraq, Saudi Arabia, and Turkey. Most of Jordan’s fields and many of Syria’s are in the Western Arabian Province.<br />The Zagros Province basin extends from Turkey in the north, through Iraq and Iran, terminating in the Gulf of Oman in the south. Several of Syria’s largest fields are part of the Zagros Province basin, but the vast majority of fields in this basin are in other countries, including Iraq, Iran, and Saudi Arabia.<br />“While the Western Arabian and Zagros province basins account for most of the historical hydrocarbon production in the region, most of the focus today is on the Levant basin due to the recent discoveries,” the EIA report said.<br /><div class="MsoNormal"><b><span style="font-family: Calibri, sans-serif; font-size: 11pt;">Recent gas discoveries in Levant basin</span></b></div><table border="1" cellpadding="0" cellspacing="0" class="MsoTableMediumList2Accent1" style="border-collapse: collapse; border: none; width: 84%px;"><tbody><tr><td nowrap="nowrap" style="border: none; padding: 0in 5.4pt; width: 75.625px;" valign="top" width="19%"><div class="MsoNormal"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">Country</span></div></td><td style="border: none; padding: 0in 5.4pt; width: 79.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">Discovery date</span></div></td><td style="border: none; padding: 0in 5.4pt; width: 78.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">Field name</span></div></td><td style="border: none; padding: 0in 5.4pt; width: 78.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">Estimated recoverable reserves</span></div></td><td style="border: none; padding: 0in 5.4pt; width: 78.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">Year of first production</span></div></td></tr><tr><td nowrap="nowrap" style="border: none; padding: 0in 5.4pt; width: 75.625px;" valign="top" width="19%"><div class="MsoNormal"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">Cyprus</span></div></td><td style="background-color: #d3dfee; background-position: initial initial; background-repeat: initial initial; border: none; padding: 0in 5.4pt; width: 79.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">2011</span></div></td><td style="background-color: #d3dfee; background-position: initial initial; background-repeat: initial initial; border: none; padding: 0in 5.4pt; width: 78.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">Aphrodite</span></div></td><td style="background-color: #d3dfee; background-position: initial initial; background-repeat: initial initial; border: none; padding: 0in 5.4pt; width: 78.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">7 Tcf</span></div></td><td style="background-color: #d3dfee; background-position: initial initial; background-repeat: initial initial; border: none; padding: 0in 5.4pt; width: 78.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">2017</span></div></td></tr><tr><td nowrap="nowrap" style="border: none; padding: 0in 5.4pt; width: 75.625px;" valign="top" width="19%"><div class="MsoNormal"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">Israel</span></div></td><td style="border: none; padding: 0in 5.4pt; width: 79.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">1999</span></div></td><td style="border: none; padding: 0in 5.4pt; width: 78.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">Noa</span></div></td><td style="border: none; padding: 0in 5.4pt; width: 78.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">40 Bcf</span></div></td><td style="border: none; padding: 0in 5.4pt; width: 78.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">2012</span></div></td></tr><tr><td nowrap="nowrap" style="border: none; padding: 0in 5.4pt; width: 75.625px;" valign="top" width="19%"><div class="MsoNormal"><br /></div></td><td style="background-color: #d3dfee; background-position: initial initial; background-repeat: initial initial; border: none; padding: 0in 5.4pt; width: 79.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">2000</span></div></td><td style="background-color: #d3dfee; background-position: initial initial; background-repeat: initial initial; border: none; padding: 0in 5.4pt; width: 78.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">Mari-B</span></div></td><td style="background-color: #d3dfee; background-position: initial initial; background-repeat: initial initial; border: none; padding: 0in 5.4pt; width: 78.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">1.5 Tcf</span></div></td><td style="background-color: #d3dfee; background-position: initial initial; background-repeat: initial initial; border: none; padding: 0in 5.4pt; width: 78.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">2004</span></div></td></tr><tr><td nowrap="nowrap" style="border: none; padding: 0in 5.4pt; width: 75.625px;" valign="top" width="19%"><div class="MsoNormal"><br /></div></td><td style="border: none; padding: 0in 5.4pt; width: 79.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">2009</span></div></td><td style="border: none; padding: 0in 5.4pt; width: 78.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">Dalit</span></div></td><td style="border: none; padding: 0in 5.4pt; width: 78.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">500 Bcf</span></div></td><td style="border: none; padding: 0in 5.4pt; width: 78.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">2013</span></div></td></tr><tr><td nowrap="nowrap" style="border: none; padding: 0in 5.4pt; width: 75.625px;" valign="top" width="19%"><div class="MsoNormal"><br /></div></td><td style="background-color: #d3dfee; background-position: initial initial; background-repeat: initial initial; border: none; padding: 0in 5.4pt; width: 79.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">2009</span></div></td><td style="background-color: #d3dfee; background-position: initial initial; background-repeat: initial initial; border: none; padding: 0in 5.4pt; width: 78.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">Tamar</span></div></td><td style="background-color: #d3dfee; background-position: initial initial; background-repeat: initial initial; border: none; padding: 0in 5.4pt; width: 78.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">10 Tcf</span></div></td><td style="background-color: #d3dfee; background-position: initial initial; background-repeat: initial initial; border: none; padding: 0in 5.4pt; width: 78.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">2013</span></div></td></tr><tr><td nowrap="nowrap" style="border: none; padding: 0in 5.4pt; width: 75.625px;" valign="top" width="19%"><div class="MsoNormal"><br /></div></td><td style="border: none; padding: 0in 5.4pt; width: 79.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">2010</span></div></td><td style="border: none; padding: 0in 5.4pt; width: 78.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">Leviathan</span></div></td><td style="border: none; padding: 0in 5.4pt; width: 78.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">18 Tcf</span></div></td><td style="border: none; padding: 0in 5.4pt; width: 78.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">2016</span></div></td></tr><tr><td nowrap="nowrap" style="border: none; padding: 0in 5.4pt; width: 75.625px;" valign="top" width="19%"><div class="MsoNormal"><br /></div></td><td style="background-color: #d3dfee; background-position: initial initial; background-repeat: initial initial; border: none; padding: 0in 5.4pt; width: 79.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">2011</span></div></td><td style="background-color: #d3dfee; background-position: initial initial; background-repeat: initial initial; border: none; padding: 0in 5.4pt; width: 78.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">Dolphin</span></div></td><td style="background-color: #d3dfee; background-position: initial initial; background-repeat: initial initial; border: none; padding: 0in 5.4pt; width: 78.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">80 Bcf</span></div></td><td style="background-color: #d3dfee; background-position: initial initial; background-repeat: initial initial; border: none; padding: 0in 5.4pt; width: 78.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">unknown</span></div></td></tr><tr><td nowrap="nowrap" style="border: none; padding: 0in 5.4pt; width: 75.625px;" valign="top" width="19%"><div class="MsoNormal"><br /></div></td><td style="border: none; padding: 0in 5.4pt; width: 79.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">2012</span></div></td><td style="border: none; padding: 0in 5.4pt; width: 78.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">Shimshon</span></div></td><td style="border: none; padding: 0in 5.4pt; width: 78.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">300 Bcf</span></div></td><td style="border: none; padding: 0in 5.4pt; width: 78.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">unknown</span></div></td></tr><tr><td nowrap="nowrap" style="border: none; padding: 0in 5.4pt; width: 75.625px;" valign="top" width="19%"><div class="MsoNormal"><br /></div></td><td style="background-color: #d3dfee; background-position: initial initial; background-repeat: initial initial; border: none; padding: 0in 5.4pt; width: 79.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">2012</span></div></td><td style="background-color: #d3dfee; background-position: initial initial; background-repeat: initial initial; border: none; padding: 0in 5.4pt; width: 78.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">Tanin</span></div></td><td style="background-color: #d3dfee; background-position: initial initial; background-repeat: initial initial; border: none; padding: 0in 5.4pt; width: 78.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">1.2 Tcf</span></div></td><td style="background-color: #d3dfee; background-position: initial initial; background-repeat: initial initial; border: none; padding: 0in 5.4pt; width: 78.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">unknown</span></div></td></tr><tr><td nowrap="nowrap" style="border: none; padding: 0in 5.4pt; width: 75.625px;" valign="top" width="19%"><div class="MsoNormal"><br /></div></td><td style="border: none; padding: 0in 5.4pt; width: 79.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">2013</span></div></td><td style="border: none; padding: 0in 5.4pt; width: 78.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">Karish</span></div></td><td style="border: none; padding: 0in 5.4pt; width: 78.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">1.8 Tcf</span></div></td><td style="border: none; padding: 0in 5.4pt; width: 78.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">unknown</span></div></td></tr><tr><td nowrap="nowrap" style="border: none; padding: 0in 5.4pt; width: 75.625px;" valign="top" width="19%"><div class="MsoNormal"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">Palestine</span></div></td><td style="background-color: #d3dfee; background-position: initial initial; background-repeat: initial initial; border: none; padding: 0in 5.4pt; width: 79.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">2000</span></div></td><td style="background-color: #d3dfee; background-position: initial initial; background-repeat: initial initial; border: none; padding: 0in 5.4pt; width: 78.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">Gaza Marine</span></div></td><td style="background-color: #d3dfee; background-position: initial initial; background-repeat: initial initial; border: none; padding: 0in 5.4pt; width: 78.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">1 Tcf</span></div></td><td style="background-color: #d3dfee; background-position: initial initial; background-repeat: initial initial; border: none; padding: 0in 5.4pt; width: 78.625px;" valign="top" width="20%"><div align="center" class="MsoNormal" style="text-align: center;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;">unknown</span></div></td></tr></tbody></table><div class="MsoNormal"><span style="font-family: Calibri, sans-serif; font-size: 11pt;"><i>Source: EIA</i></span><br /><span style="font-family: Calibri, sans-serif; font-size: 11pt;"><i><br /></i></span><a href="http://www.epmag.com/Exploration/East-Mediterranean-Finds-Reveal-Areas-Gas-Potential_121800" style="font-family: Times; font-size: medium; line-height: normal;">East Mediterranean Finds Reveal Area’s Gas Potential</a> - Full Article</div></div></div>

East Mediterranean Finds Reveal Area’s Gas Potential

Despite its political concerns, the region has become an exploration hot spot. Gas discoveries in the offshore Levant basin could change th...