Largest natural gas reserve discovered in Israel worth approximately $95 billion

[fallstuff]

Largest natural gas reserve discovered in Israel worth approximately $95 billion


The largest reserve of natural gas, over 16 trillion cubic feet, has been discovered off the coast of Israel, and is estimated to be worth more than $95 billion, U.S. company Noble Energy Inc. announced on Wednesday.

Noble Energy owns 39.66% of the prospective discovery, alongside Israeli partners Delek Group Ltd. units Avner Oil and Gas LP and Delek Drilling LP (22.67% each), and Ratio Oil Exploration (1992) LP with 15%.

The reserve, Leviathon, is the largest amount of natural gas discovered in the world in the last decade and is located in approximately 5,400 feet (1,645 meters) of water, about 130 kilometers offshore of Haifa and 29 miles (47 kilometers) southwest of the Tamar discovery.

Last year, Israeli company Isramco announced that reserves of natural gas have been discovered at its Tamar 1 offshore drill site 90 kilometers west of Haifa, making it the largest ever discovered in Israel until now - three times bigger than that of the "Yam Thetis" consortium and worth $15 billion.

Noble Energy CEO Charles Davidson said, "Leviathan is the latest major discovery for Noble Energy and is easily the largest exploration discovery in our history."

CEO of Delek Group Yoram Turbowitz said "it is a sense of success mixed with worry and concern, that we will not be able to utilize the huge discovery in our hands to its limits.

He added: "I hope that the strategic advantage and the enormous accomplishment that we have made here due to large financial and professional knowledge invested will be utilized to its fullest."

"Obviously we need to produce something from the Leviathon reserve, but it will demand enormous investments in infrastructure," he said, adding that "the state will need to assist with regulations, planning and accompanying what will become the largest infrastructure project in the country."

Noble Energy president and COO David L. Stover said, "This discovery has the potential to position Israel as a natural gas exporting nation. For nearly a year now, we have had a team evaluating market possibilities, which includes various pipeline and LNG options. It's our belief that the natural gas resources at Leviathan are sufficient to support one or more of the options being studied. We are excited to be leading the exploration and development in this new basin and look forward to determining the best development option."

link:

Largest natural gas reserve discovered in Israel worth approximately $95 billion - Haaretz Daily Newspaper | Israel News

 

[luckyyy]

unfortunalty , too far to extablish a gas pipeline...

 

[SpArK]

unfortunalty , too far to extablish a gas pipeline...

LNG carriers are there dont worry.

 

[luckyyy]

LNG carriers are there dont worry.

yes , india annually import some 15 mt of LNG

 

[farhan_9909]

palestine nt israel.

bt israel is going to be a rich country now

i mean even more rich

 

[SpArK]

Gas find may turn Israel exporter​

Exploratory drilling off Israel’s northern coast this week has confirmed the existence of a major natural gas field — one of the world’s largest offshore gas finds of the past decade — leading the country’s infrastructure minister to call it “the most important energy news since the founding of the state.”
Houston-based Noble Energy, which is working with several Israeli partner companies, said that the field, named Leviathan, whose existence was suspected months ago, has at least 16 trillion cubic feet of gas at a likely market value of tens of billions of dollars and should turn Israel into an energy exporter.

“If it acts correctly, levelheadedly and responsibly, Israel can enjoy not only the benefit of using the gas, but it can also turn into a gas supplier in the Mediterranean region,” the infrastructure minister, Uzi Landau, said in a statement. “The large reserves of natural gas will enable Israel’s citizens to enjoy the benefit of clean and inexpensive electricity, as well as the expected profits for the state.”
The find means that Israel, with a long history of dependence on foreign energy, and hostility and boycotts from many of the biggest energy powers, could find itself in a much more advantageous position in the coming decade.

But the find has been accompanied by a heated debate over how much in taxes and royalties Israel will charge. A state-appointed committee headed by an economist at Hebrew University, Eytan Sheshinski, is planning to recommend substantially increased profit taxes, opposed by the companies and some on the political right.

Gideon Tadmor, the chief executive of Delek Energy and Avner Oil Exploration, partners in this venture with Noble, said the taxes could make the project prohibitively expensive. “The gas may stay in the ground because we will not succeed in obtaining from banks around the world the He said that this new find could impel neighbouring countries, including Cyprus, Lebanon and Syria, to explore and possibly develop their potential gas fields, and warned that Israel needed to move quickly to be the first to export its gas. Delek estimates that if it moves aggressively, it could begin producing gas from Leviathan in five to six years.

In reaction to the Israeli announcement, Lebanese politicians said they would move more quickly in exploring their country’s gas potential.

Sheshinski said that his report, due out on Monday, had already been endorsed by the governor of the Bank of Israel, Stanley Fischer; the International Monetary Fund; and the Organization for Economic Cooperation and Development, which Israel recently joined. He said that the profit tax rate recommended by his committee would be 55 to 60% and that the OECD average was 62%. The committee’s recommendations require government and parliamentary approval.
Sever Plocker, an economic columnist for the newspaper Yediot Aharonot, said in a commentary on Thursday that it was far from clear that the new discovery could be developed profitably.

 

[Gene]

now, we will not only import weapons from israel specially after iran refusing to sell gas...

 

[somebozo]

Disputed because it falls borderline to Lebanese naval boundary!

 

[deep.ocean]

Disputed because it falls borderline to Lebanese naval boundary!

This dispute does not hold as Israel is the boss in the middle east and Lebanan is not in position to take risk... So good for Israel and India too...

 

[Gene]

Disputed because it falls borderline to Lebanese naval boundary!

the above report doesn't say it falls within lebanese boundary.

by the way,when the word dispute come to israel,they better know how to deal with it..

 

[NWO]

LoL, the gas field is probably bigger than Israel itself

By the way, if it really is disputed, has Lebanon done anything about it? I know I wouldn't pass up $95 billion easily.

 

[lonelyone]

If only they become lazy and stupid like the Arabs now.... Though that's unlikely to happen.

 

[Ammyy]

One more option for India

 

[indushek]

LNG carriers are there dont worry.

What is this Benny is it you?? i never thought members could change their names till now

 

[Hutchroy]

unfortunalty , too far to extablish a gas pipeline...

So spake the "EXPERT"!

Largest natural gas reserve discovered in Israel worth approximately $95 billion

The reserve, Leviathon, is the largest amount of natural gas discovered in the world in the last decade and is located in approximately 5,400 feet (1,645 meters) of water, about 130 kilometers offshore of Haifa and 29 miles (47 kilometers) southwest of the Tamar discovery.

Largest natural gas reserve discovered in Israel worth approximately $95 billion - Haaretz Daily Newspaper | Israel News

The Blue Stream Natural Gas Pipeline passes through Depths of 2,200 Metres.