Friday, January 23, 2009

Israel Nails Impressive Gas Find

Israel recently hit an impressive gas discovery - a potential jackpot that could meet the tiny middle-eastern country's gas needs for over a decade. Below are some details:

Led by Noble Energy (NBL.N), the group said it found more than 3 trillion cubic feet (88 billion cubic meters) of gas at the Tamar exploration well, 90 km off the Israeli northern port of

News of the deposit, which is three times as large as a site already in production off the country's southern coast, sent energy shares soaring in a country anxious to reduce its dependency on foreign fuel.


Petroleum Commissioner Yaakov Mimran said if early findings are validated the site would meet Israel's demand for 15 years.

"I have no doubt this discovery will boost investments and exploration" in Israeli waters, Mimran said.

Analysts estimated the natural gas was worth about $26 billion and will be sold starting in 2013.
"It could solve the country's gas problems for many years and generations to come," Yitzhak Tshuva, who controls Delek Group, told Army Radio. "We now won't be dependent on others for gas, and we'll even be able
to make exports."

- Brewskie

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