Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

3/31/2013 (2 years 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 (2 years 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 locatedĀ  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'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for June 2015
Universal:
That immigrants and refugees may find welcome and respect in the countries to which they come.
Evangelization: That the personal encounter with Jesus may arouse in many young people the desire to offer their own lives in priesthood or consecrated life.


Rosaries, Crosses, Prayer Cards and more... by Catholic Shopping .com


Comments


More Middle East

Twisted ISIS video shows militants executed by men in notorious orange jumpsuits Watch

Image of

By Nikky Andres (NEWS CONSORTIUM)

Islamic State militants were captured and slaughtered on camera by a rebel group in Syria. The members of the rebel group were clad in orange jumpsuits, usually worn by ISIS prisoners and led 13 shackled jihadis to their deaths. MUNTINLUPA, PHILIPPINES (Catholic ... continue reading


GRISLY FIRST: Islamic State beheads women for acts of 'sorcery' in Syria Watch

Image of The Islamic State has previously stoned women to death on allegations of adultery. The Observatory says the latest instances were the first time it was aware of the group beheading women.

By Catholic Online (NEWS CONSORTIUM)

It was a heinous new low for the terror group Islamic State. There are reports from Syria that the jihadists have now beheaded two women for acts of what they describe as "sorcery." LOS ANGELES, CA (Catholic Online) - These heinous acts are reportedly the first ... continue reading


Amazing discovery of ancient Roman soldier's footprints found in Israel Watch

Image of

By Atarah Haely (NEWS CONSORTIUM)

The ancient, fortified city of Hippos-Sussita in Israel, located in the eastern shore of the Sea of Galilee, has surprised archeologists with a new addition to their host of history-defining discoveries. Director Michael Eisenberg, the excavation's director announced ... continue reading


ISIS shocks by beheading women for the first time ever Watch

Image of

By Nikky Andres (NEWS CONSORTIUM)

ISIS is known all over the world for their radical cruelty and use of rapid executions. Now, the jihadi militants have carried out yet another act of brutality, beheading two women in Syria, who they accused of "sorcery," according to activist reports. MUNTINLUPA, ... continue reading


HISTORIC - Vatican signs treaty with 'State of Palestine' in hopes of promoting peace Watch

Image of Vatican Foreign Minister Paul Gallagher along with Palestinian counterpart, Riad al-Malki, signed a peace treaty recognizing the

By Catholic Online (NEWS CONSORTIUM)

Vatican Foreign Minister Paul Gallagher along with Palestinian counterpart, Riad al-Malki, signed a peace treaty recognizing the "State of Palestine." Signed in a ceremony in the Vatican, the goal is that the recognition will promote peace with Israel - as well ... continue reading


Women, children among the 120 civilians killed in Islamic State takeover of Kobane Watch

Image of The Syrian Observatory for Human Rights, based in London said many of the dead were in their homes killed by rocket attacks. Others were struck down by sharp shooters as they tried to run away.

By Catholic Online (NEWS CONSORTIUM)

Re-entering the Syrian city of Kobane, long held up as a symbol of Kurdish resistance, Islamic State indiscriminately shot and killed dozens of women and children in a 24-hour period. The death toll hovers around 120, but that number may rise. LOS ANGELES, CA ... continue reading


Is there an AIDs epidemic in Syria? Islamic State fighter donated infected blood which has spread to several other fighters Watch

Image of An Indonesian man, infected with AIDs, donated blood to the Islamic State, and was executed for it.

By Matt Waterson (NEWS CONSORTIUM)

An Indonesian Islamic State fighter who was infected with AIDs has been executed by the Islamic State after he was accused of knowingly passing on the disease through blood donations. LOS ANGELES, CA (Catholic Online) - The currently unknown Indonesian man ... continue reading


Two men brutally flogged by Islamic State for breaking Ramadan rules Watch

Image of The two men are shown kneeling in front of a group of ISIS commanders. One of the commanders is seen carrying a large whip.

By Catholic Online (NEWS CONSORTIUM)

Two men accused of breaking the fast during Ramadan are shown being brutally flogged by Islamic State soldiers in a new series of shocking photographs. LOS ANGELES, Ca (Catholic Online) - As released by the Islamic State Information Office of the State of the ... continue reading


Positive 'happy' Syrian social media campaign #SummerInSyria gathers shocking, heartbreaking images of dead children instead Watch

Image of Syria has been hit hard with a civil war over the last four years.

By Linky C. (NEWS CONSORTIUM)

A Summer in Syria online campaign, using the hashtag #SummerInSyria was meant to gather positive images of experiences in the country, despite four years of gruesome civil war. However, instead of gathering positive feedback from social media users, the #SummerInSyria ... continue reading


Kurdish militia sits north of Islamic State capital, awaiting Syrian offensive Watch

Image of So far the only group that has proved capable at defeating the Islamic State has been the Kurdish militias of Iraq and Syria.

By Matt Waterson (NEWS CONSORTIUM)

While Kurdish militia units have had some recent success in their fight for survival against the Islamic State in northern Syria, a leader with the militia says they have no intention of attacking the Islamic State's capital of Raqqa, and such an offensive should ... 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, Ezekiel 2:2-5
2 As he said these words the spirit came into me and ... Read More

Psalm, Psalms 123:1-2, 2, 3-4
1 [Song of Ascents] I lift up my eyes to you who are ... Read More

Gospel, Mark 6:1-6
1 Leaving that district, he went to his home town, ... Read More

Reading 2, Second Corinthians 12:7-10
7 Wherefore, so that I should not get above myself, I ... Read More

Saint of the Day

Saint of the Day for July 5th, 2015 Image

St. Anthony Mary Zaccaria
July 5: Cofounder of the Barnabites. Born in 1502 in Cremona, Italy, ... 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