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Petroleum / Mining in Israel

  • The offshore gas bonanza Israel was counting on might never materialize

    ISRAEL, 2015/12/16 In 2010, Israel discovered a large natural gas off-shore reserve. Dubbed Leviathan, it was supposed to be a game-changer for the country. Five years later, it’s no longer looking like a sure bet. In theory, cheap energy from the gas field could boost the economy and provide enough power generation for decades. Tens of billions of dollars in royalties and tax revenue could pad public coffers. Most critically, according to prime minister Binyamin Netanyahu, Leviathan has enough gas to yield Israel’s initial-ever energy export deals—offsetting the national’s increasing isolation over its reluctance to hold comprehensive peace talks with the Palestinians. “Our ability to export gas enhances the strength of the national of Israel… It makes Israel much additional resilient to international pressures,” he recently told the Knesset’s economics committee.

  • After energy minister visits, Israel hopes ‘energy capital’ is land of opportunity

    ISRAEL, 2015/10/31 There may be some bureaucratic hurdles, but Israel is an ideal environment for investment and opportunities are aplenty. That was the message the Jewish national’s energy minister conveyed to oil and gas companies during his recent visit to the “energy capital of the world.” Minister of National Infrastructure, Energy, and Water Resources Yuval Steinitz (Likud) was in Houston from Oct. 19-20 for a series of meetings and events pertaining to the energy and water industries. America’s fourth-major city is home to Noble Energy, which partners with the Israeli company Delek Group in the operation of Israel’s two offshore gas fields, Tamar and Leviathan.

  • Remodeling Israel’s Marketability as an Oil Producing Nation

    ISRAEL, 2015/06/06 For the completed decade or additional, Israel’s major export and marketability has been the field of high tech. Dubbed the “Start-up country”, Israel has completed vast success and created some of the majority sophisticated pieces of technology, with social applications in each field of the high tech industry. The high tech industrial prowess of Israel and its marketability have been major bulwarks of the Israeli economy, even in the majority troubling of markets, such as the 2008 worldwide recession. However, as much as Israel has succeeded in the field of high-tech, an extra stabilizing factor, one that other nations’ economies in the region have enjoyed for a lot of years, has been missing: that of fossil fuels.

  • Israel antitrust commissioner resigns on natural gas policy

    ISRAEL, 2015/05/27 Israel’s Antitrust Commissioner David Gilo said he would step down from his position to turmoil a compromise framework on natural gas policy that he says will not lead to competition. “My decision to step down stems from a number of reasons, but the foremost being that the government will do what it can to promote a framework on natural gas policy that I am convinced will not lead to competition in this significant market,” Gilo, who has been in the post since April 2011, said in an e-mailed statement. He said his resignation would take result at the end of August.

  • Report estimates Royee gas prospect at 3.2 TCF

    ISRAEL, 2014/12/21 This morning, Ratio Oil Exploration (1992) LP (TASE:RATI.L) and Israel Opportunity released the resources statement by US company NSAI on the Royee prospect in the Neta and Royee licenses, in which Ratio holds 70%, Israel Opportunity 10%, and Edison 20%. NSAI gives a best estimate of 3.2 trillion cubic feet (TCF) of gas in the prospect, with a low estimate of 1.9 TCF and a high estimate of 5 TCF. If the drilling does indeed discover gas at these volumes, Royee and Neta will become the third major natural gas reserve in Israeli waters, next Leviathan, at 21.9 TCF, and Tamar, at 11 TCF, and the fourth major in the Levant basin. The figures in the resources statement are based on a three-dimensional seismic survey carried out in early 2010 over an area of 505 square kilometers.

  • Buying Israeli gas will save the Jordanian economy$1.5 billion a year.

    JORDAN, 2014/12/21 Commenting on Jordan's importing of natural gas from Israel, Jordanian Minister of Energy and Natural Resources Mohammed Hamed said, "The purchase of gas from Noble Energy does not constitute a political risk for Jordan, and will not make it dependent on the goodwill of a single country." He was speaking yesterday in the Jordanian parliament in Amman. Hamed asserted that signing an agreement to purchase gas from Noble Energy would be relatively advantageous for Jordan, because electricity is currently produced in Jordan using much additional expensive fuel. "We can't sit and do nothing at the same time as our power company is losing additional and additional money each year," he said.

  • The Economic Miracle of Israel's Natural Gas Fields

    ISRAEL, 2014/09/30 Thirty years ago I visited an oil rig at Atlit, a town on the Mediterranean shore just south of Haifa. It had been erected by an American Christian company whose CEO, citing a peculiar interpretation of a biblical promise to the Tribe of Asher (Deut. 33:24), was certain he’d find huge quantities of oil beneath the western border of that tribes ancient territory. The company ended up losing millions of dollars. But just 15 years later, Israel discovered vast natural gas fields a mere 50 miles west of Atlit in the depths of the Mediterranean, suggesting that these Christian dreamers weren’t terribly off the mark by believing God would bless Israel with significant amounts of fossil fuels.

  • Israeli Company Pumps 25 Million Dollars Into Afar Potash Project Ethiopia

    ISRAEL, 2014/03/25 The Israeli company, ICL, are extremely experienced and will provide Allana Potash with expert assistance ICL, an Israel-based fertiliser producer, has bought a 16pc share in Allana Potash Afar Plc. Allana received a license to start potash production in Afar last October. The two companies signed the agreement on Tuesday, March 18, 2014, at Elily Hotel, along the Guinea Conakry Street in Kasanchis. Allana's potash project is in the Danakil area of the Afar Region.

  • Israel Gas Bonanza: New Field Discovered

    ISRAEL, 2013/05/26 A natural gas bonanza is about to begin. By the end of this year Israel will be looking to shift the production of electricity to gas-powered generators producing half the Jewish national's wattage. The change will save it $12bn (£8m), which was the net additional cost caused by the need to import coal to cover the huge drop, from 40% of fuel for electrical generation to zero, caused by the destruction of gas pipelines from Egypt by militant groups.

  • Woodside says it is committed to Israel, regardless of natural gas export quota

    ISRAEL, 2013/04/29 In December, Woodside - Australia’s biggest oil and gas firm - agreed to buy 30% of the Leviathan prospect for $1.25 billion. Finalizing the transaction has been on hold due to Israel’s general election in January and the subsequent establishment of a new coalition government.
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