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Could Israel Lose the Energy Prize in the Eastern Mediterranean?
by Jerry Gordon (January 2015)
In December 2011, we published what might have been a prescient prediction of Israel‘s emerging energy independence, Will Israel Win the Energy Prize in the Levant Basin? We drew attention to the geo-political opportunities and security risks to the Jewish nation from the discovery and development of significant off shore gas deposits in its Exclusive Economic Zone (EEZ) in the Levant Basin. These have been developed by Houston, Texas-based Noble Energy, Inc. and its Israeli partner, Delek Group, Ltd. (hereafter referred to as “the Consortium”). In 2009 came the discovery of the Tamar gas field with estimated reserves of 7.9 trillion Cubic Feet (TCF) by the Consortium followed by the giant Leviathan field a year later in 2010 with estimated reserves of 21.9 TCF. Production from Tamar began flowing in April 2013 with immediate economic benefits to Israel. A third major gas field discovery in Israel’s offshore EEZ, the Royee, with estimated reserves of 3.2 TCF was announced in mid-December 2014 by Ratio Oil. The potential significance of these energy developments for Israel is huge. more>>>