Sara (or Sarah) and Myra (or Mira) (Hebrew: שרה ומירה) were two Israelioffshore drilling licenses located west of Netanya, Israel. The licenses expired on July 13, 2015.[1]
Exploratory drilling in the license area in 2012 was unsuccessful, but seismic studies indicated the possibility of oil and gas at deeper strata that were not explored.[2]
Background
Sara (Israeli oil exploration license number 348) and Myra (347)[3]
were offshore drilling licenses located 40 kilometers off the coast of Netanya, Israel. They were situated south and southwest of the confirmed Dalit gas field and southeast of the Leviathan gas field.[4]
A preliminary two-dimensional geological survey carried out by Chapman Petroleum Ltd. in 2010 estimated there to be upwards of 6 to 7 trillion cubic feet (170×10^9 to 200×10^9 m3) of natural gas, equivalent to US$8–10 billion.[5][6] Subsequent analysis of a three-dimensional seismic survey conducted in 2011 by Texas-based oil and gas consulting firm Netherland, Sewell & Associates Inc. confirmed a 54% probability of 6.5 trillion cubic feet (180 billion cubic metres) of natural gas for the licenses, as well as an 18% probability of 150.7 million barrels (23.96×10^6 m3) of oil.[7][8]
Exploration
License partner GeoGlobal Resources announced in July 2011 that it finalized an agreement with Noble Corporation for use of the latter's Homer Ferringtondrilling rig.[9][10] Subsequently, Ofer Nimrodi of ILDC Energy, announced that drilling operations at Sara and Myra would commence in the first quarter of 2012.[11]
A preliminary meeting between the CEO of ILDC Energy and representatives of the Israel Electric Corporation suggested that Sara and Myra would begin supplying gas in 2015–2016.[12]
In June 2012, a first exploratory well was drilled in the Myra area to a depth of 4,659 meters at which point a technical failure prevented further drilling and the well was plugged. The prospective Jurassic oil zone is at 5000 meters. Drilling was redirected to explore the neighboring Tamar sands formation without success. The Sara area was drilled in September 2012 to explore Tamar sands at a depth of 3946 meters. This drilling was also unsuccessful. Deeper prospective gas zones in the Sara area are estimated to be at 5,100 and 5,300 meters, and a deeper prospective oil zone is at 5,400 meters.[13]
NSAI seismic analysis presented in the Modiin 2013 Annual Report indicated that the Sara license area had an estimated 20 BCM of gas in two deeper strata, with a 20-30% likelihood, and the Myra license had an estimated 64 million barrels of oil at a deeper strata, with a 16% likelihood.[14]
History of ownership
Rights to the licenses were initially granted to PetroMed Corporation.[15] In 2011, eight companies shared ownership of the licenses.[16]
At the time of expiration, the licenses were held by the following companies: Energean Oil & Gas (25%), Ratio Oil Exploration Partnership (25%), Modiin Energy Partnership (13.8%), Emanuelle Energy Ltd. (9.2%), Emanuelle Energy Oil and Gas Partnership (7.9%), IPC Partnership (6.4%), GeoGlobal Resources India Inc. (5%), ILDC Ltd (5%), and IDB Ltd. (2.7%).
^Wrobel, Sharon (30 Oct 2011). "Israel Land Energy Unit To Sell Sara, Myra Rights To Modiin". Bloomberg. Retrieved 5 August 2012. Israel Land Development Co. Energy Ltd. said a unit agreed to sell 7.6 percent of the rights to the Sara/348 and Myra/347 licenses to Modiin-LP for $30.5 million
^
Yeshayahou, Koby (16 June 2010). "Modi'in, ILD win Sara, Mira permits". Globes. Retrieved 21 June 2011. The offshore Sara and Mira permits are located west of Netanya, and south of the Dalit license, where a natural gas reservoir has been discovered.
^"Canada's Bontan announces two more huge Israeli gas fields". Globes. 2 February 2010. Retrieved 22 June 2011. The Evaluation Report prepared by Chapman Petroleum Engineering Ltd. estimated that the Mira prospect had 3.03-5.45 trillion cubic feet of gas, with a best estimate of 4.24 trillion cubic feet. The Sara prospect estimate was 1.05-1.89 trillion cubic feet of gas, with a best estimate of 1.47 trillion cubic feet.
^
Barkat, Amiram (3 August 2010). "IPC: Myra and Sara gas fields worth $10b". Globes. Retrieved 21 June 2011. Calgary-based consultancy firm Chapman Petroleum Ltd. made the valuations for Bontan, based on a net present value of $677 million for Sara and $1.43 billion for Myra. These valuations give a valuation of over $10 billion for the two licenses altogether.
^
Yeshayahou, Koby (30 June 2011). "Licensees confirm 6.5 TCF gas at Myra and Sarah". Globes. Retrieved 30 June 2011. The Myra and Sarah licensees today announced that the fields have potential reserves of 6.5 trillion cubic feet of natural gas, according to an analysis of the 3D survey by Netherland Sewell & Associates
^
Wrobel, Sharon; Ackerman, Gwen (30 June 2011). "Israel's Sara, Myra May Hold 6.5 Trillion Cubic Feet of Gas". Bloomberg. Retrieved 30 June 2011. Holders of the Sara and Myra exploration licenses off Israel's Mediterranean coast said today that a seismic survey shows they may hold about 6.5 trillion cubic feet of natural gas.
^
O'Cinneide, Eoin (1 July 2011). "Noble's Homer gets work in Israel". Upstream. Retrieved 2 July 2011. US offshore services giant Noble has won a rig contract from Canadian minnow GeoGlobal for its drilling unit Noble Homer Ferrington.
^Barkat, Amiram (7 July 2011). "IEC in first meeting with Sara, Myra licensees". Globes. Retrieved 7 July 2011. Sources inform 'Globes' that the target date for the supply of gas from Myra and Sara presented to the IEC executives was 2015-2016.
