January 23, 2009

Israel finds massive natural gas reservoir

WorldNet Daily reports that Israel recently discovered a natural gas reservoir that could be historic and will dramatically change the Israeli economy.

According to the piece,

"We are witnessing an historic moment in Israel's energy market," Israel's National Infrastructure Minister Binyamin Ben Eliezer told Reuters. "If it turns out in a few weeks that the indicators received in recent days are true, then we are talking about the biggest find in Israel's history."

Israel's Petroleum Commissioner Yaakov Mimran told Reuters that if early finds are validated the site would meet Israel's demand for 15 years.

"If the Tamar site opposite the Haifa coast succeeds in producing the significant quantities of natural gas predicted, we are talking about a revolution which will have an impact on the Israeli economy for the coming generations," Dan Halman, CEO of Halman-Aldubi Group told the Jerusalem Post.

"The vast reservoir is poised to bring down electricity prices, reduce the country's dependence on gas from foreign countries, in particular from Egypt, and thereby turn Israel from a gas importer into a gas exporter," Halman said.

Analysts told Reuters the natural gas find at Tamar No. 1 was worth an estimated $26 billion and would be available for market starting in 2013.

If the reported reservoir pans out it could dramatically alter the dynamic in the Middle East.

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