Posted on 02/11/2009 10:06:08 AM PST by TaraP
(IsraelNN.com) A massive natural gas find off the coast of Haifa which was lauded as capable of fueling all of Israel for 15 years is actually more than 60 percent larger than originally estimated, according to the American partner in the drill, Noble Energy Inc.
Israeli companies Isramco Negev 2, Delek Drilling, Avner Oil Exploration, and Dor Gas Exploration had the majority of the stake on the dig – named Tamar-1 – which is estimated at a potential of 5 trillion cubic feet of natural gas. That estimate is up from January, at which time the partners believed the well contained 3 million cubic feet of gas.
The team will keep their drilling rig in the area for two more wells they believe may be present as well.
The implications of this discovery to Israel cannot be overstated," said Noble Energy Chief Executive Officer Charles Davidson, in a statement issued after following the revision of the estimate.
Isramco shares, which have skyrocketed 736 percent since the start of the year, were 7.2 percent higher on Wednesday morning compared with declines of over 2 percent in the broader market.
Delek Drilling is up 6.4 percent as of Wednesday morning, with Avner up 4.8 percent. Conglomerate Delek Group (DELKG.TA), the parent of Delek Drilling and Avner, is up 5.9 percent.
And the old joke was that Moses wandered for forty years to find the one spot in the Middle East without any oil!
“the new world emperor, “Tell E. Prompter The Beneficent”
LOL!
There's a typo in the article which they seem to have corrected in a subsequent version. It's 3 trillion to 5 trillion. That number fits with the 60% figure in the first paragraph.
Gas can be used for electricity. They already have a program for electric cars. The country is so small it is feasible there.
Pull my finger.
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