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.

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 July 2014
Sports:
That sports may always be occasions of human fraternity and growth.
Lay Missionaries: That the Holy Spirit may support the work of the laity who proclaim the Gospel in the poorest countries.



Comments


More Middle East

'I will not let another Holocaust happen!' Sign the petition in support of Iraqi Christians forced to flee from persecution Watch

Image of Christians in Mosul embrace one another as they are forced to leave absolutely everything behind at gunpoint.

By Catholic Online (NEWS CONSORTIUM)

The plight of Iraq's Christians has now lasted longer than a decade, and recent militant uprisings in Mosul threaten to expunge the neighboring Chaldean-Assyrian-Syriac villages. Iraqi Christians have fled Mosul in droves, but some remain behind, awaiting their ... continue reading


Christians flee as Islamic ISIS gets ready for a 'Christian Holocaust' Watch

Image of Christians are fleeing for their lives in parts of northern Iraq where Islamic militants issued an ultimatum to convert or be killed.

By Catholic Online (NEWS CONSORTIUM)

Iraq will soon be a Christian free nation, the only vicar of the only Anglican church in that country warns. LOS ANGELES, CA (Catholic Online) - Canon Andrew White, also known as 'the bishop of Baghdad' gave this warning after the deadline set by Islamic militants to ... continue reading


Massive underground bunkers empower Hamas in Israeli conflict Watch

Image of Other than giving Hamas tax revenue and weapons, the tunnels supply in-demand civilian goods like food and medicine, as well as infrastructure materials including concrete and fuel.

By Catholic Online (NEWS CONSORTIUM)

Cut off from the rest of the world with three sides enforced by Israel and Egypt, coupled with shelling maintained by sea and in the air above its coastal strip, Gazans have found a way around their confinement by tunneling underground. LOS ANGELES, CA ... continue reading


BLOWN TO BITS: Video surfaces of Jonah's tomb being destroyed Watch

Image of Militants belonging to the Islamic State in Iraq and Syria, or ISIS, are said to have planted explosives around the tomb and detonated the explosion remotely.

By Catholic Online (NEWS CONSORTIUM)

It's horrific footage, and many pray that it was faked - but knowing of the ruthlessness of the people involved, it probably wasn't. Jonah's tomb, a holy shrine in Mosul, Iraq is depicted being blown to bits. The demolition of this shrine occurred in seconds. ... continue reading


WARNING VERY GRAPHIC UNCENSORED CONTENT: Islamic State terrorists from Australia pose with the severed heads of their captives - CHRISTIANS ARE NEXT Watch

Image of Mohamed Elomar poses with a pair of his victim's heads, taking delight in the slaughter of fellow Muslims.

By Catholic Online (NEWS CONSORTIUM)

In a gruesome series of images, an Islamic State terrorist is tweeting images of a friend posing with the severed heads of decapitated victims. Terrorist, Mohamed Elomar who was born in Australia and traveled to Syria to join the Islamic State is clearly having a good ... continue reading


ISIS denies claims that they will enforce mandatory female genital mutilation Watch

Image of Stories of intended FGM in Iraq have been circulating in the local media for the past few days.

By Catholic Online (NEWS CONSORTIUM)

They've seized Iraqi towns, blown up shrines and have threatened the nation's Christian minority - but ISIS is now hotly denying that they intend to enforce mandatory female genital mutilation. As claimed by a senior United Nations humanitarian official this ... continue reading


FIERY STATEMENT: Jihadi cleric threatens Egyptian president Watch

Image of

By Catholic Online (NEWS CONSORTIUM)

The war of words after Israel's incursion into Gaza is heating up. Jihadi cleric Abu hareth Al-Maqdisi threatening Egyptian President Abdel Fattah al-Sisi, vowing that his time is coming soon. LOS ANGELES, CA (Catholic Online) - "You won't sit for long in your ... continue reading


LIPS BURNT WITH CIGARETTE: Iranian Christian punished for not observing Ramadan Watch

Image of Muslims are required to not eat or drink between sunrise and sunset during Ramadan.

By Catholic Online (NEWS CONSORTIUM)

For eating during the daylight hours during the holy month of Ramadan, an Iranian Christian man had his lips burned with a cigarette. This monstrous sentence was carried out in full view of the public in the city of Kermanshah. LOS ANGELES, CA (Catholic Online) ... continue reading


Islamic State now aggressively pursuing Christians in Nineveh Plain Watch

Image of There are very real concerns about the possible genocide of Christians in the region. Christians in the country cannot wait for help from the international community.

By Catholic Online (NEWS CONSORTIUM)

There is no rest for the wicked - or for those fleeing with their lives, it appears. Islamic State militants have now launched a mortar attack against the village of Tilkif in an attempt to break into one of the towns in the Nineveh Plain, where families driven ... continue reading


ISLAMIC STATE PREPARES CHRISTIAN HOLOCAUST Watch

Image of Iraqi Christians are being forced to flee Mosul or be put to death. It's the start of a campaign of genocide. Leave with nothing or die.

By Catholic Online (NEWS CONSORTIUM)

Imagine you've been given a choice, and just days to make it. You must either change your religion, agree to pay thousands of dollars each year in punishing taxes, or you must leave your home with just the clothes on your back. No suitcases, no possessions. If you ... 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, Jeremiah 13:1-11
1 Yahweh said this to me, 'Go and buy a linen ... Read More

Psalm, Deuteronomy 32:18-19, 20, 21
18 (You forget the Rock who fathered you, the God who ... Read More

Gospel, Matthew 13:31-35
31 He put another parable before them, 'The kingdom ... Read More

Saint of the Day

Saint of the Day for July 28th, 2014 Image

St. Innocent I
July 28: Innocent was born at Albano, Italy. He became Pope, succeeding ... 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