The announcement, made by offshore licensees exploring in the area, came after a report was published by Netherland Sewell & Associates, responsible for the reports for the Tamar and Leviathan fields, which are estimated to contain 9Tcf and 19Tcf respectively.
The licence covering the Oz field includes joint venture partners Israel Opportunity (10%), Lapidoth Heletz (41.5%), Coleridge Oil and Gas (12%) and Frendum Investment Limited (21.5%).
Lapidoth-Heletz said the Netherland Sewell report estimated a 23-27% chance of success for finding the 2.5Tcf of gas and a 16-18% chance of finding 255MMbbls of oil, according to Reuters.
If they prove extractable, these resources will contribute to the estimated 30Tcf of gas discovered off Israel's Mediterranean coast in recent years, focussing attention on the country's growing export capabilities.
