Found Gas News

A dispute between Israel and Lebanon over their maritime boundary has obstructed energy exploration in the eastern Mediterranean and risks exacerbating tensions between two foes.After months of deadlock in U.S.-mediated talks, Beirut on Sunday warned against any activity in the disputed area, responding to the arrival of a vessel to develop a field for Israel. Lebanon has said the field in question, Karish, is in disputed waters. Israel denies this.Here's what you need to know about the standoff:WHAT'S AT STAKE?Gas - potentially a lot of it.Lebanon and Israel are located in the Levant Basin…

Greece will launch consultations with Egypt and Cyprus to establish maritime boundaries in the eastern Mediterranean, Prime Minister Alexis Tsipras said on Wednesday. Tsipras, who was visiting Cyprus, said those boundaries - which are normally a precursor to a state licensing for offshore oil and gas exploration - would be defined in areas where consent of "third countries" was not required. Turkey and Greece have been at loggerheads for decades over land, air, sea and sea-floor borders in parts of the Aegean sea. Cyprus, which was split in a Turkish invasion in 1974 after a brief Greek inspired coup, found gas offshore in 2011, in a move which has also been challenged by Ankara.

Gas has been found by StatoilHydro in the Asterix prospect, which lies in 1,360 metres of water 345 kilometres west of Sandnessjøen in the Norwegian Sea. Preliminary estimates put the proven recoverable volume, which is located 80 kilometres west of the Luva gas discovery, at about 16 billion cubic metres (100 million barrels of oil equivalent). “This represents one of the bigger discoveries off Norway in recent years, and we’re very pleased with the result,” said Tove Stuhr Sjøblom, StatoilHydro’s head of Norwegian exploration. The resources are located in Upper Cretaceous reservoir rocks. No formation test was carried out, but extensive data gathering and coring took place in the reservoir.