Modiin Energy Cancels Drilling Plans after Financial Dispute
by Dow Jones Newswires
|Sara Toth Stub
|Monday, February 25, 2013
JERUSALEM - Israeli oil and gas company Modiin Energy L.P. said Monday that it has cancelled plans to drill for oil and natural gas in its offshore Gabriella license after a financial dispute with its partners.
Modiin owns 70% of the Gabriella license, with Adira Energy Corp. and Brownstone Energy Inc., both based in Canada, each having 15%.
Modiin said there was a dispute about who should finance the exploratory drilling and when the money should have been transferred.
The Gabriella license is estimated to contain 110 million barrels of oil and 1.8 trillion cubic feet of natural gas, according to a survey commissioned by Modiin.
Large amounts of natural gas have been discovered off Israel's coast in recent years. Production at the first of these large discoveries, Tamar, which contains 9 trillion cubic feet of gas, is expected to begin this year.
Copyright (c) 2013 Dow Jones & Company, Inc.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
More from this Author
Most Popular Articles
From the Career Center
Jobs that may interest you