Israel ‘Super Gas’ Field is World’s Largest in 18 Months

[Chris]

Israel ‘Super Gas’ Field is World’s Largest in 18 Months
by Tzvi Ben Gedalyahu

(IsraelNN.com)
The Tamar gas field, 50 miles off the Haifa coast, keeps getting bigger with every report, and the gas discovery now is estimated to be the world’s largest in 18 months. The Scotland-based Wood Mackenzie research and consulting firm assessed the value of the field at $8 billion, approximately double that of local analysts. The latest upside projection comes less than two weeks after another revised estimate that the reserves are 16 percent higher than previously thought.

Changing gas prices could make the gas worth anywhere between $3.5-$17 billion in the future, and partners in the offshore project are preparing for the first deliveries of gas in 2012. They have approved expenditures of $230 million for equipment and services to be provided by Noble Energy, a partner in the project, along with Israeli firms Delek Drilling, Avner Oil and Gas and Isramco.

The future impact of the gas field on the Israeli economy is enormous. "Few doubt that the country, which for decades has been dependent on importing nearly all of its energy needs, has entered a new era of far greater economic independence,” Business Week commented in its current issue. Delek official Yitzchak Tshuva jubilantly announced after the discovery that Israel is on the road to energy independence. Tshuva and other project participants stated, "We have already sufficient Israeli natural gas to meet all of the country's needs for many years, and we intend to continue searching in our many franchises off the Israeli coast.”

more..............Israel ‘Super Gas’ Field is World’s Largest in 18 Months - Business & Economy - Israel News - Israel National News

[Chris]

This is a great discovery for Israel and will help her out tremendously. I would imagine this is one of the things that could be part of the "spoil" that Ezekiel 38-39 talks about concerning the future Gog/Magog war. It would be nice to see the EU with an alternative to Russia's monopoly on natural gas. Of course, mother Russia is not going to like this at all.

[bghtnpd4]

I agree, Chris...

[Hebron]

Right now, Russia provides most of Europe with their natural gas needs. Currently Israel is working very closely with the EU in other areas, Russia will not be happy and watching closely.

[open door]

I agree, Chris...

I agree, too!

[Timna]

This is a great discovery for Israel and will help her out tremendously. I would imagine this is one of the things that could be part of the "spoil" that Ezekiel 38-39 talks about concerning the future Gog/Magog war. It would be nice to see the EU with an alternative to Russia's monopoly on natural gas. Of course, mother Russia is not going to like this at all.

From a purely political standpoint, it doesn't bother me that the anti-American EU is at the mercy of Russia for energy. In fact, I would hate to see the Israelis sell even one unit of energy to the EU. In a way, the Russians are a counter-balance to the empire building aspirations of the EU.