Huge Natural Gas Find of Haifa Coast in Israel
Written by: Aaron Katsman | January 18, 2009
So a country that claimed little in the name of natural resources, has just hit the big time. As if right out of Jed Clampett and the Beverly Hillbillies, a huge amount of natural gas has been spotted in Israel’s back yard, just off the coast of Haifa.
Globes says, “Commercial quantities of natural gas have been found at the Tamar-1 well, 90 kilometers offshore from Haifa. The discovery amounts to the largest reserves found to date in Israel. The Tamar prospect in the Matan license is owned by Delek Group Ltd. (TASE: DLEKG) units Delek Drilling Limited Partnership (TASE: DEDR.L) and Avner Oil and Gas LP (TASE: AVNR.L) with a 15.625% stake each, along with Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L) (28.85%), and Noble Energy Inc. (NYSE: NBL) (36%), and Dor Gas Exploration Ltd. (4%)”
It appears that the amount available to drill is much more than originally thought, and many think that this just the begining of many offshore discoveries for Israel. How crazy is it that now not only will Israel not need to be dependent on foreign sources for natural gas, but will be net exporters of the gas. Giddy up.
Globes reports: “In response to today’s news about the natural gas discovery at the Tamar prospect, Delek Group controlling shareholder Yitzhak Tshuva told “IDF Radio” (Galei Zahal) this morning, “The success of the drilling is a historic milestone for Israeli economic independence. It could solve the country’s gas problems for many years and generations to come.”
“I have no doubt that that this is a great day for Israel. We now won’t be dependent on others for gas, and we’ll even be able to make exports. We’re talking about huge quantities.”
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