Sunday, January 18, 2009

Huge gas reserves discovered off Haifa

A historic natural gas reservoir found offshore from Haifa is poised to meet Israel's natural gas demand for about 15 years and reduce the country's dependence on gas imports from Egypt and offshore from Gaza.

The discovery of the natural gas field 90 km. offshore from Haifa, known as Tamar, was made by a US-Israel consortium including the Delek Group, through its subsidiaries Delek Drilling and Avner Oil Exploration, Isramco Negev 2, Dor Gas Exploration and US oil operator Noble Energy Inc.

Preliminary estimates indicate that the Tamar field might contain over 88 billion cubic meters of gas...Read more

Joel Rosenberg comments on the find HERE