Some good news for Israel’s economy

By Candice Krieger
January 22, 2009

News this week that an enormous natural gas reserve has been discovered at an offshore drilling site near Haifa, Israel, has caused quite a buzz. And it’s more than just a lot of hot air.

The discovery could have significant implications for the economy. Believed to be the largest natural gas reserve discovered in Israel, worth around $15 billion, the reserve could give Israel independence concerning anything involving natural gas, reducing dependence on deliveries from East Mediterranean Gas Company's reserves in Egypt and Gaza.

The reserve site, called Tamar-1, is a joint venture between four major stakeholders; the Houston-based Noble Energy, and three major Israeli partners Isramco Negev, Delek Drilling, and Avner Oil and Gas Exploration.

Unsurprisingly, shares in Delek, Avner and Isramco all rose today.


You must be logged in to post a comment.