Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

3/31/2013 (1 year ago)

Catholic Online (www.catholic.org)

Development could lead to Israel becoming an oil-exporting nation

What is seen as the first step towards Israel becoming an energy-exporting country has begun. Natural gas from the Tamar field off Israel's Mediterranean shores has started production, and this development could lead to Israel becoming an oil exporting nation, as well as more fuel independent.

According to the Israeli water and energy ministry, the gas should lead to a reduction in production costs for state utility Israel Electric Corp., in addition to a decline in the price of electricity.

According to the Israeli water and energy ministry, the gas should lead to a reduction in production costs for state utility Israel Electric Corp., in addition to a decline in the price of electricity.

Article Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

3/31/2013 (1 year ago)

Published in Middle East

Keywords: Tamar field, Israel, oil export, electrcity, Noble, Texas


LOS ANGELES, CA (Catholic Online) - The discovery of oil in 2009 led to much excitement and exploration in the Levant Basin. Shared between Israel, Cyprus and Lebanon, the surveying of the Levant Basin led to the uncovering of a second bigger find, Leviathan. This in turn led Israel to set up a natural gas wealth fund. Tamar alone is expected to meet the country's natural gas needs for decades.

"Today [we begin] independence in Israeli natural gas. It is an enormous achievement for the Israeli economy and the start of a new era," Israeli billionaire Yitzhak Tshuva, the controlling shareholder in Delek Group declared. Tshuva is one of the partners in Tamar.

According to the Israeli water and energy ministry, the gas should lead to a reduction in production costs for state utility Israel Electric Corp., in addition to a decline in the price of electricity.

It's estimated that the new gas supplies would save Israel's economy, which relies heavily on oil imports by $3.6 billion per year. This was contained in the statement from the production partners, who said they had invested $3 billion in developing Tamar. The announcement bodes well for domestic oil production as well, as Texas-based Noble Energy holds 36 percent of Tamar.

Noble's chairman and CEO Charles Davidson said bringing Tamar to production in four years was a "transformational achievement," and that the field's partners would now work to invest in increasing piping capacity.

"Building on this success, we will work with our partners and the government to sanction the next phase of development at Tamar and the domestic phase of Leviathan," Davidson said.

Israeli prime minister Benjamin Netanyahu highlighted the achievement in a statement issued by his office.

"We are taking an important step towards independence in the energy sector. In the past decade we have promoted Israel's gas sector and this will enhance Israel's economy and benefit all the country's citizens," he said.

The field is located  off Israel's northern coast and has an estimated 10 trillion cubic feet of gas.

Development of Tamar and Leviathan will make Israel less dependent on energy imports, but the country has said it will also allow a significant amount of its natural gas to be exported.

Tamar has already signed a number of large deals, including one to supply as much as $23 billion of natural gas to Israel Electric Corp. and $4 billion worth to units of conglomerate Israel Corp.

---


Pope Francis: end world hunger through 'Prayer and Action'


© 2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for April 2014
Ecology and Justice:
That governments may foster the protection of creation and the just distribution of natural resources.
Hope for the Sick: That the Risen Lord may fill with hope the hearts of those who are being tested by pain and sickness.



Comments


More Middle East

Palestinian Christians prevented from Easter pilgrimage to Jerusalem since 1967 Watch

Image of Israel issues some permits to both Christians and Muslims during religious holidays, but this can be a lengthy and bureaucratic process. Permits are usually issued to older, married Palestinians.

By Catholic Online (NEWS CONSORTIUM)

Palestinian Christians feel the sting of segregation acutely during Holy Week. Strict, Israeli restrictions on movement prevents their access to holy sites in nearby Jerusalem. Many holy sites have remained out of reach in the West Bank and Gaza Strip since ... continue reading


BIGGEST IN THE WORLD: Saudi Arabia determined to build world's tallest building Watch

Image of High winds will also be a problem for this gargantuan building, so the tower will change shape regularly to counter it.

By Catholic Online (NEWS CONSORTIUM)

Not be outdone, Saudi Arabia is vowing to build the world's tallest building. Said structure, called the Kingdom Tower, heads into construction next week. AT its height, 3,280 feet, it will eventually dwarf Dubai's Burj Khalifa, which stands at 2,716 feet, the ... continue reading


AL-QAEDA ALIVE: 'We must eliminate the cross ... The bearer of the cross is America!' Watch

Image of  In the video, the nefarious

By Catholic Online (NEWS CONSORTIUM)

"This is quite an extraordinary video," terrorist experts Paul Cruickshank says. There's another word for it: absolutely horrifying. In the video, the nefarious "crown prince" of al-Qaeda, Nasir al-Wuhayshi is seen addressing a group of 100 like-minded ... continue reading


Suffering, dying in silence: Syrian Christians face arduous holy week Watch

Image of Maronite Archbishop Samir Nassar of Damascus says that Syrian Christians face a seemingly endless Way of the Cross, with many suffering and dying in silence.

By Catholic Online (NEWS CONSORTIUM)

The assassination of Dutch Jesuit Fr. Frans van der Lugt, shot to death by an unknown assailant at his base in Homs, Syria on April 7 has cast a pall for the faithful here. Maronite Archbishop Samir Nassar of Damascus says that Syrian Christians face a ... continue reading


Asia Bibi remains in prison, reluctant officials hide behind bureaucracy Watch

Image of Asia Bibi remains in prison, judges unwilling to take up her case for fear of violence.

By Catholic Online (NEWS CONSORTIUM)

Asia Bibi, the Pakistani woman facing death for blasphemy in Pakistan still sits in a women's prison her case held up by deliberate delays and a reluctance of judges and others to hear her case. Officials are afraid that they will become targets of Islamic ... continue reading


Dutch priest beaten, killed at his Syrian monastery Watch

Image of Father Frans van der Lugt was described as a man of great courage who

By Catholic Online (NEWS CONSORTIUM)

Dutch Jesuit priest, 75-year-old Frans van der Lugt was beaten and shot dead by unidentified gunmen at his monastery in Homs, Syria this week, the Vatican said. He had been living in Syria since the early Seventies. He's being described as man of great courage ... continue reading


Tunisian government strives to root out Islamist influence from Mosques Watch

Image of Tunisia's newly elected government, recognizing that one of the nation's chief sources of revenue is tourism, has wasted little time in quelling extremist factions there.

By Kaci Racelma (Algiers, Algeria)

Tunisian authorities, along with the Islamist party Ennahda had clashed on several levels for any months. The conflict was felt on all strata of Tunisian society. Violence roiled in the streets, to the universities, in places of worship and private homes. ... continue reading


Syrian refugees in Lebanon passes one million mark Watch

Image of U.N. staff in Lebanon register 2,500 new Syrian refugees every day, the UNHCR said.

By Catholic Online (NEWS CONSORTIUM)

As Syria's devastating Civil War drags into its fourth year without an end in sight, the number of Syrian refugees in Lebanon has officially passed the one million mark, the United Nations' refugee agency says. Syrian refugees now make up almost a quarter of ... continue reading


Meet Catholic Online's new Middle East correspondent Watch

Image of Kaci Racelma received his Bachelor of English literature in 1996. He has worked in the daily Algerian newspaper la Nouvelle République since 1998.

By Catholic Online (NEWS CONSORTIUM)

Journalist Kaci Racelma has joined the Catholic Online family as a much needed and vaunted Middle East correspondent to our international news desk. We welcome his wealth of experience in relaying breaking stories in this complex part of the world.  LOS ... continue reading


Authorities break up kiddie sex abuse ring, 17-year-old pimp and several men arrested Watch

Image of Several hundred women in Israel - many of them foreigners - are trafficked within the country annually for commercial sexual exploitation.

By Catholic Online (NEWS CONSORTIUM)

Tel Aviv Police have arrested seven men in connection with a child molestation ring. An undercover investigation began after one of the purported victims came forward and told them about a number of girls who had sex with a group of adults in exchange for ... continue reading


All Middle East News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Acts 3:1-10
1 Once, when Peter and John were going up to the ... Read More

Psalm, Psalms 105:1-2, 3-4, 6-7, 8-9
1 Alleluia! Give thanks to Yahweh, call on his name, ... Read More

Gospel, Luke 24:13-35
13 Now that very same day, two of them were on their ... Read More

Saint of the Day

Saint of the Day for April 23rd, 2014 Image

St. George
April 23: Pictures of St. George usually show him killing a dragon to ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter