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Noble Energy: Commercial gas at Leviathan by 2016

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Wednesday, February 23rd, 2011

As reported by Globes:

Noble Energy chairman and CEO Charles Davidson has made a presentation to Credit Suisse in which he has for the first time outlined the timetable for the development of the huge Leviathan natural gas field. In the presentation, Noble Energy says that development will be complete by 2016 when commercial production of gas will commence.

The presentation also said that development of the Tamar field will be complete in 2012.

Investors in the Leviathan field are currently anxiously awaiting results of the drilling to discover if there are also commercial quantities of oil in the field’s lower strata. According to the 3D seismic survey, the second target strata at a depth of 5,800 meters contains 3 billion barrels of oil with a 17% geological chance of success, and the third target strata at a depth of 7,200 meters contains 1.7 billion barrels of oil with an 8% geological chance of success.