Aug.01, 2012 | 5:20 AM–Noble Energy plans to perform its next round of deep sea drilling at its Leviathan field next year in the hopes of finding oil, the company told investors during a phone conference last week to discuss its second-quarter earnings.
The company stopped drilling activity at Leviathan 1 about two months ago and had not until now said when it would resume, if at all.
In upper strata of the Leviathan field the company and its partner found vast quantities of natural gas a year-and-a-half ago. Investors have since been waiting to hear the result of drilling that would indicate whether there is also oil lying further below. If Noble finds any, it would be the first-ever find in the Mediterranean Sea.
Noble, the leading partner in all the gas consortia drilling off the Israeli shoreline, has a 47% stake in the nearly depleted Tethys Sea field. In the Tamar field, which is expected to begin production in 2013, it has a 36% holding and in the giant Leviathan field, the company owns 40%.
The company also has energy interests in its home country, the United States, as well as in Africa and the North Sea.
Last week, Noble reported that its second-quarter 2012 net income reached $292 million, or $1.58 a share diluted, down from $294 million, or $1.61 a share, the same time in 2011…Read More>>