Aug 19, 2009

Israeli Natural Gas Discovery Proves Larger than Previously Thought

Joel C. Rosenberg
By Joel C. Rosenberg

Fascinating news out of Israel.

It’s just been announced that the massive natural gas discovery made earlier this year off the coast of Haifa is actually 16% larger than thought just a month ago. And last month’s assessment is 30% higher than the original estimate made in January. According to Nobel Energy, Inc. — a major partner in the exploration and drilling effort — it turns out there are an estimated 207 billion cubic meters of natural gas out there, not 178 billion.

Haaretz reports that geologist Joseph Langotsky, who initiated the project, agreed with other geologists’ estimates at the time which predicted dramatically higher quantities than those initially reported.
“The unbiased expert report confirms the unusual size and quality of the Tamar field,” said the chief executive of Delek Energy and Avner Oil Exploration, Gideon Tadmor, another key player in the project. “The recent discoveries of natural gas at the Tamar and Dalit sites are a strategic asset for the state of Israel and its energy market, and relieve Israel of its dependence on foreign entities.”

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