Good news for Israel's electricity and natural gas industries. The Israel Land Development Company (ILDC) on Thursday released the results of its gas exploration survey conducted for the Sarah and Mira fields in the Mediterranean Sea. The survey, which employed 3D techniques, suggests that 6.5 TCF (trillion cubic feet) of recoverable natural gas might lie in those reserves, at a probability of 54%. This represents a copious amount of gas, approaching the levels discovered at the Tamar field off the coast of northern Israel. Furthermore, there is an 18% chance of striking oil in the lower strata of these fields at scope of 151 M barrels. The Sarah and Mira fields - spanning about 400 square km - are situated 70 km (about 40 miles) off the coast of Hadera, just south of proven reserves Tamar and Dalit. "Sarah and Mira are the next big thing in Israel. We have been awaiting the results for some time, and it appears that the effort has been worthwhile," Ohad Marani, managing director of ILDC, said. ILDC Director General and Chairman of ILDC Energy Ofer Nimrodi added, "I view our operation of licensed fields Sarah and Mira as an act that serves both Zionism and our national interest in a most important and significant way". Finance Minister Yuval Steinitz joined the chorus with praise of his own Thursday. "The discoveries announced Thursday are a great boon to our gas industry and energy sector, and to the Israeli economy as a whole. Confirming such discoveries will help drive down prices even further due to increased competition among the other gas field operators. Such discoveries attest to the importance of the Sheshinsky Commission (appointed to set an energy policy for this fledgling sector in the economy) and rapid implementation of its recommendations."
Despite the important announcement, ILDC stock prices took a plunge Thursday, apparently due to investors seeking to cash in on the news.
