Israel’s Levant Basin, How Much is it Worth?
June 25, 2010
Back in April I wrote that the United States Geological Survey (USGS) released a report that the Levant Basin contains 1.689 billion barrels of undiscovered oil and 122.4 trillion cubic feet of undiscovered natural gas. The Levant Basin lies both onshore and offshore and includes most of middle and northern Israel and coastal Lebanon and Syria. The basin includes the exploration areas of Noble Energy offshore and Zion Oil & Gas onshore.
Most of the data the USGS report contained came from research conducted between 2000 and 2008 by Dr. Michael Gardosh, a researcher at the Geophysical Institute of Israel, and Dr. Yehezkel Druckman, who until a few years ago was Petroleum Israel’s Commissioner. Dr. Druckman now serves on the Zion Oil & Gas Board of Directors.
So in today’s dollars, how much oil and gas does the USGS say the Levant Basin holds in undiscovered resources? A friend ran the numbers for me:
| Levant Basin Dollar Values | |
| 122 Trillion Cubic Feet Natural Gas | 122,000,000,000,000 |
| Price per 1000 Cubic Feet (6/22) | $4.79 |
| Convert Trillion Cubic Ft | 122,000,000,000 |
| Total $ Value – Natural Gas | $584,380,000,000.00 |
| 1.7 Billion Barrels of Oil | 1,700,000,000 |
| Price per Barrel Oil (6/22) | $77.87 |
| Total $ Value – Oil | $132,379,000,000.00 |
| TOTAL VALUE – LEVANT BASIN | $716,759,000,000.00 |
That’s nearly $718 Billion. Most of the Levant Basin lies within the land and territorial water of Israel. Offshore, some of the ‘undiscovered’ the natural gas has been discovered and will be powering Israel in the next few years. Onshore, the ‘undiscovered’ oil, I believe, will be discovered soon.
Related posts:
- USGS Says Israel Has 1.7 Billion Barrels of Oil
- Canada’s Bontan moves into Israel
- Bontan Raises $7.5 Million for Israel Exploration
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