Sara and Myra

Sara and Myra

Location of Sara and Myra gas field offshore Israel

Country Israel
Region Levantine basin
Location Eastern Mediterranean Sea
Blocks 347 (Myra), 348 (Sara)
Offshore/onshore Offshore
Coordinates 32°30′0″N 34°15′0″E / 32.50000°N 34.25000°ECoordinates: 32°30′0″N 34°15′0″E / 32.50000°N 34.25000°E
Operator GeoGlobal Resources Inc.
Partners Emanuelle Energy
ILDC Energy
The Israel Land Development Co.
Modi'in Energy LP
IDB Holdings
GeoGlobal Resources Inc
Service contractors Noble Corporation
Production
Estimated oil in place 150 million barrels (~2.0×107 t)
Estimated gas in place 6,500×109 cu ft (180×109 m3)

Sara (or Sarah) and Myra (or Mira) (Hebrew: שרה ומירה‎), sometimes inverted as Myra and Sara, are two offshore exploratory drilling licenses located west of Netanya, Israel. A three-dimensional geological survey published in June 2011 revealed a 54% probability of 6.5 trillion cubic feet (180 billion cubic metres) of natural gas for the licenses, as well as an 18% potential of over 150 million barrels (24 million cubic metres) of crude oil. The licenses are held jointly by publicly traded and private companies belonging primarily to three Israeli energy tycoons – Ofer Nimrodi, Yitzhak (Tzahi) Sultan and Nochi Dankner.

Background

Myra, officially designated 347 and Sara (348)[1] – are two offshore drilling licenses located 40 kilometers off the coast of Netanya, Israel. They are situated south and southwest of the confirmed Dalit gas field and southeast of the confirmed Leviathan gas field.[2] A preliminary two-dimensional geological survey carried out by Chapman Petroleum Ltd. in 2010 estimated there to be upwards of 6 to 7 trillion cubic feet (170×109 to 200×109 m3) of natural gas, equivalent to US$8–10 billion.[3][4] Subsequent analysis of a three-dimensional seismic survey conducted in 2011 by Texas-based oil and gas consulting firm Netherland, Sewell & Associates Inc. confirmed a 54% probability of 6.5 trillion cubic feet (180 billion cubic metres) of natural gas for the licenses, as well as an 18% probability of 150.7 million barrels (23.96×106 m3) of oil.[5][6]

Development

License partner GeoGlobal Resources announced in July 2011 that it finalized an agreement with Noble Corporation for use of the latter's Homer Ferrington drilling rig. The unit will be involved in two prior drills, first being deployed at Israel's Noa North license off the coast of Ashqelon and then at a license in the territorial waters of Cyprus.[7][8] According to Ofer Nimrodi of ILDC Energy, drilling operations at Sara and Myra will commence in the first quarter of 2012.[9] A preliminary meeting between the CEO of ILDC Energy and representatives of the Israel Electric Corporation suggested that Sara and Myra will begin supplying gas in 2015–2016.[10]

Ownership distribution

95.5% of the rights to the Sara and Myra permits were owned initially by PetroMed Corporation.[11] As of August 2011, eight companies share ownership of the licenses.[12]

Company Stake Leading stakeholder
Emanuelle Energy Oil & Gas Exploration LP (Partially owned subsidiary of ILDC) 19.161% Ofer Nimrodi
Emanuelle Energy Ltd. (Fully owned subsidiary of ILDC) 24.161% Ofer Nimrodi
Blue Water Oil & Gas Exploration Ltd.
 8.787%
The Israel Land Development Co. Ltd.
(TASE:ILDC)		 5% Nimrodi family members
Modiin Energy LP
(TASE:MDIN.L)		 19.282% Nochi Dankner (via IDB Group, 16.94%)
Yitzhak Sultan (2.04%)
IDB Group
(TASE:IDBH)		 5% Nochi Dankner
Israel Petroleum Company (IPC)
 13.609%
GeoGlobal Resources Inc.
(AMEX:GRR)		 5% ILDC holds rights to acquire near 50%

See also

References

  1. ↑ Wrobel, Sharon (30 Oct 2011). "Israel Land Energy Unit To Sell Sara, Myra Rights To Modiin". Bloomberg. Retrieved 5 August 2012. Israel Land Development Co. Energy Ltd. said a unit agreed to sell 7.6 percent of the rights to the Sara/348 and Myra/347 licenses to Modiin-LP for $30.5 million
  2. ↑ Yeshayahou, Koby (16 June 2010). "Modi'in, ILD win Sara, Mira permits". Globes. Retrieved 21 June 2011. The offshore Sara and Mira permits are located west of Netanya, and south of the Dalit license, where a natural gas reservoir has been discovered.
  3. ↑ "Canada's Bontan announces two more huge Israeli gas fields". Globes. 2 February 2010. Retrieved 22 June 2011. The Evaluation Report prepared by Chapman Petroleum Engineering Ltd. estimates that the Mira prospect has 3.03-5.45 trillion cubic feet of gas, with the best estimate of 4.24 trillion cubic feet. The Sarah prospect has 1.05-1.89 trillion cubic feet of gas, with a best estimate of 1.47 trillion cubic feet.
  4. ↑ Barkat, Amiram (3 August 2010). "IPC: Myra and Sara gas fields worth $10b". Globes. Retrieved 21 June 2011. Calgary-based consultancy firm Chapman Petroleum Ltd. made the valuations for Bontan, based on a net present value of $677 million for Sarah and $1.43 billion for Myra. These valuations give a valuation of over $10 billion for the two licenses altogether.
  5. ↑ Yeshayahou, Koby (30 June 2011). "Licensees confirm 6.5 TCF gas at Myra and Sarah". Globes. Retrieved 30 June 2011. The Myra and Sarah licensees today announced that the fields have potential reserves of 6.5 trillion cubic feet of natural gas, according to an analysis of the 3D survey by Netherland Sewell & Associates
  6. ↑ Wrobel, Sharon; Ackerman, Gwen (30 June 2011). "Israel’s Sara, Myra May Hold 6.5 Trillion Cubic Feet of Gas". Bloomberg. Retrieved 30 June 2011. Holders of the Sara and Myra exploration licenses off Israel's Mediterranean coast said today that a seismic survey shows they may hold about 6.5 trillion cubic feet of natural gas.
  7. ↑ O'Cinneide, Eoin (1 July 2011). "Noble’s Homer gets work in Israel". Upstream. Retrieved 2 July 2011. US offshore services giant Noble has won a rig contract from Canadian minnow GeoGlobal for its drilling unit Noble Homer Ferrington.
  8. ↑ Zano, Lior (1 July 2011). "GGR: Homer Ferrington rig will drill at Sara and Myra". TheMarker (in Hebrew). Retrieved 2 July 2011.
  9. ↑ "Nimrodi: We'll begin drilling in Jan-Feb 2012". Globes. 30 June 2011. Retrieved 2 July 2011. 'We'll begin drilling at Myra and Sarah in January or February 2012.'
  10. ↑ Barkat, Amiram (7 July 2011). "IEC in first meeting with Sara, Myra licensees". Globes. Retrieved 7 July 2011. Sources inform 'Globes' that the target date for the supply of gas from Myra and Sara presented to the IEC executives was 2015-2016.
  11. ↑ "Bontan Corporation partners with major Israeli investors to raise US$16 million of new capital for Israel offshore natural gas exploration project". Bontan Corporation. 26 March 2010. Retrieved 22 June 2011. The Agreement also settles the litigations amongst IPC, PetroMed Corporation ('PetroMed'), Bontan and their respective affiliates relating to ownership of the 95.5% interest ('PetroMed’s Share') in the 'Sara' and 'Myra' drilling licenses (the 'Licenses'), and the now expired 'Benjamin' drilling permit (the 'Permit'), acquired by IPC from PetroMed in November 2009.
  12. ↑ הממונה על הנפט אישר עדכון תוכנית העבודה ברשיונות שרה ומירה [Petroleum Commissioner approved updated work plan for Sara and Myra licenses]. MAYA (in Hebrew). Tel Aviv Stock Exchange. 8 August 2011. Retrieved 28 August 2011. אחוזי ההחזקה ברישיונות הינם כדלקמן:

Further reading

External links

External images
Maps
"Petroleum Rights"—Ministry of National Infrastructures (Israel)
"Levantine Basin gas & oil finds"—Ya Libnan
External images
"Noble Homer Ferrington"—Noble Corporation