IIRC, I read an article a few months ago that Israel may even be able to get on this gravy train.
Imagine a world where almost all countries could produce enough oil to meet their own energy needs. Wow. The geopolitical ramifications are enormous.
I read an article a few months ago that Israel may even be able to get on this gravy train.
Israel has hit the jackpot in NG off their coast (Tamar & Leviathan) and has vast shale resources on land.
At stake is who will win control over an energy prize of over 122 trillion cubic feet of natural gas, and more 1.8 billion barrels of recoverable oil according to estimates of the US Geologic Survey. The trigger has been the successful exploratory drilling completed by an Israeli American consortium, Noble Energy, Inc of Houston, Texas and Israeli partner Delek Group, which in 2009-2010 discovered more than 26 billion cubic feet of natural gas in several fields offshore in Israel’s Exclusive Economic Zone (EEZ) off shore in the Eastern Mediterranean.
The Tamar, Leviathan smaller gas field discoveries offshore have the potential of achieving energy independence for Israel and creating a major export market across the Mediterranean in the EU. Coupled with the onshore development of more than 260 billion barrels of oil to be developed from shale formations in the Shfela basin, these natural gas discoveries will transform Israel’s economy, that is, if threats by Israel’s Arab neighbors and Turkey permit its secure development with allies Cyprus and Greece, who would share in important gains.