Apr 12 2010
If anyone needs more evidence that God is on Israel’s side, a huge deposit of natural gas and oil has been discovered under the Mediterranean Sea near Haifa. In fact, Israel’s gas resources are said to be bigger than anything assessed in the United States.
Eighty-seven billion cubic meters, or nearly 3.1 trillion cubic feet, of high-quality gas are estimated to be in three deposits in the Tamar Drilling site. The Levant Basin Province also holds an estimated 1.7 billion barrels of undiscovered oil, that can be recovered with existing technology.
A U.S. energy industry expert, Fred Zeidman, estimates that international companies may soon join exploration efforts for oil and gas in Israel. Infrastructures Minister Binyamin Ben-Eliezer said that the find was of “historic proportions,” and that it could change the face of Israel’s economy forever.
Two of Israel’s largest financial groups – Nochi Dankner’s IDB group and Ofer Nimrodi’s Israel Land Development – have also entered the sector.
“It happens all the time,” Zeidman said. “We see in the US that the moment a company discovers oil or gas that can be transported, there’s a crazy rush to the region by other companies, and that’s a function of the size of the reserves found. Around the world, as soon as Noble goes to a place, many other companies follow in its wake. The prospects here are amazing, and I have no doubt that we’ll see an economic boom, and a rush of more companies to Israel from overseas following Noble.”
The U.S. Geological Survey estimates that 122 trillion cubic feet of undiscovered, recoverable natural gas are in the Levant Basin Province in the eastern Mediterranean region, according to a new report.
The area includes the coastal areas near Israel, Lebanon and Syria.
“The Levant Basin Province is comparable to some of the other large provinces around the world,” stated Brenda Pierce, USGS Energy Resources Program Coordinator. “Its gas resources are bigger than anything we have assessed in the United States.” This is the first time the USGS has assessed the Levant Basin area for extractable resources. ISRAEL NATIONAL NEWS
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