Ever since its founding as an autonomous state in 1948, Israel has relied on imported energy to meet its domestic power demands. However, offshore exploration operations have now found giant natural gas fields able to supply the country with more gas than it can use.
Noble Energy [NBL 87.37 -0.33 (-0.38%) ], Delek Group, and a handfulof other companies have announced finds in the Mediterranean Sea that hold enough natural gas to supply Israel’s energy needs for 150 years.
Noble Chief Executive Officer Charles Davidson, said the company has “found far more natural gas than can ever be used in Israel. There are more natural gas resources to discover in Israel, and they have to be able to demonstrate there is a market there in order to justify other producers to come in and explore.”
Fantastic news for Israel, one may think, but unfortunately there are problems. The country’s Ministry of Energy has said that the gas will be first used to secure the country’s economy and energy future, and that exports will be limited as a result; however, the reserves may require exporting to foreign markets in order to develop them…Read More>>