Israel Discovers New Giant Off-Shore Oil and Gas Field

[dayag]

An Israel energy company announced Sunday it has discovered an off-shore energy field that may even surpass previous finds in terms of the possibilities of developing commercial grade oil.

Israel Opportunity Energy Resources LP announced that its Pelagic licenses indicate 6.7 trillion cubic feet (TCF) of gas and 1.4 billion barrels of oil. By comparison, the previously announced Tamar and Leviathan off-shore fields contain an estimated 9 and 17 TCF of natural gas. The amount of commercial oil, if any, has not been finalized, but estimates of possible oil in the Leviathan field have been downsized to 600 million barrels...

The new discoveries make it more certain of a virtual revolution in the Israeli economy, with anticipation that Israel will be energy self-sufficient in three years and soon after will be able to export gas and possibly even oil.

The Tamar and Leviathan energy fields are being developed, and the infrastructure work has added thousands of skilled jobs to the labor market. Exporting energy probably will strengthen the shekel and help make it one of the strongest currencies in the world.

source: http://www.israelnationalnews.com/Ne...6#.T8uOnpV0gfw

[Aliyah1995]

While I am excited for Israel, I am a bit skeptical that the common folk amongst us will see so much as a shekel from any of this.

[dayag]

While I am excited for Israel, I am a bit skeptical that the common folk amongst us will see so much as a shekel from any of this.

But the fact that Israel would not be dependent on foreign oil imports is invaluable. No matter how good your army, if you have no fuel you are lost.

[Ephraim]

It is only a matter of time before China claims those areas as theirs

[Reffo]

It is only a matter of time before China claims those areas as theirs

Too late. They will have to line up in the queue behind Lebanon and Turkey who staked their claims for the Tamar fields

[Madeline]

But the fact that Israel would not be dependent on foreign oil imports is invaluable. No matter how good your army, if you have no fuel you are lost.

It also makes the Arab neighbors even more envious.

[Firewire]

Is the the part of the same discovery in wch youll offered to selll us gas, in 2011 end?

http://articles.timesofindia.indiati...line-medstream

http://www.ynetnews.com/articles/0,7...163549,00.html

[dayag]

Is the the part of the same discovery in wch youll offered to selll us gas, in 2011 end?

http://articles.timesofindia.indiati...line-medstream

http://www.ynetnews.com/articles/0,7...163549,00.html

No, I believe this is a new discovery.

[dayag]

Drill baby, drill!

Shemen Oil and Gas Resources said this week it had received approval to drill for oil off Israel's southern Mediterranean coast from the Defense Ministry and military, paving the way for operations at its Yam-3 drill to begin.

Shemen plans to drill in relatively shallow water 16 km off the coast of Ashdod, a major port that is also home to a naval base and one of Israel's two oil refineries...

source: http://www.ynetnews.com/articles/0,7...260768,00.html