Some good news for Israel’s economy


By Candice Krieger
January 22, 2009
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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.

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