The New Big Oil and Gas Find (Israel)

Forbes Magazine ^ | September 27, 2010 | Christopher Helman

[Perseverando]

Israel's offshore oil and gas fields could mean decades of self-sufficiency, and big profits for Noble Energy and its billionaire partner.

All big oil and gas fields have geopolitical significance, but in recent years we haven't seen one with the potential to matter more than Leviathan--a prospect off the coast of northern Israel. Noble Energy in Houston will begin drilling a $150 million well into Leviathan in October. Noble's partners on the well, subsidiaries of billionaire Yitzhak Tshuva's Delek Group, announced in late August that Leviathan is estimated to contain 16 trillion cubic feet of easily recoverable gas, while its deeper reaches could hold 4.3 billion barrels of oil.

If it pans out Leviathan would be a huge field for any country. But it would mean the world to Noble, Delek and especially Israel, which doesn't exactly see eye to eye with its oil-rich neighbors. During Israel's 2006 war with Hezbollah, Egypt came under pressure to shut off its gas pipelines to Israel. Of its 250,000 barrels per day of oil demand, according to the U.S. Energy ( USEG - news - people ) Information Administration, Israel imports roughly 98%

[Perseverando]

Please note: "Granted, the Leviathan numbers are just predrill guesses. But Noble and Delek have a good track record in the area. Last year they drilled into the Tamar field and made the world's biggest natural gas discovery of the year: 8.4 trillion cubic feet."

[ninonitti]

Lebanese waters?

[babble-on]

By the way, in the US, Delek is best known as the Mapco chain of gas stations.

[mdmathis6]

With those finds, Israel no longer will bleed red in the energy import and indeed will show surplusses. This will spill over in all of its other industries and little Israel has the potential to become a powerhouse despite its isolation. God again has blessed Israel!

[dblshot]

Reservoirs cross borders so Lebanon can lay claim to some of that gas. These things are usually worked out via treaty but this being the Mideast...? Hezbollah has already promised to blow up any Israeli LNG plant.

[bray]

Meanwhile we refuse to even explore for our own oil thanks to ecoterrorists.

Pray for America

[puppypusher]

This just has to tick off the Saudi’s,knowing the Jews don’t have to come begging for oil and gas.

[ryan71]

Yes Sir, the LORD works in mysterious ways.

[mountainlion]

This sounds like war. The muslems will make up something, anything to start a war thinking they are going to take the oil.

[4mer Liberal]

ping

[Willie Green]

Meanwhile we refuse to even explore for our own oil thanks to ecoterrorists.

Why should we explore what's left of our own limited resources when our wasteful transportation infrastructure is designed to pi$$ it all away as rapidly as possible?

[Ben Ficklin]

"These things are usually worked out via a treaty"

That would be UNCLOS aka Law of the Sea Treaty.

Israel, Syria, and Turkey haven't signed.

[MrB]

Are you going for a record of unfounded, arbitrary assertions in one statement?

[Willie Green]

"Gas Guzzler" -- a vehicle that makes inefficient use of fuel.

[MrB]

And your assertion is that, though it is technically possible, there are no vehicles available to accomplish the same tasks as the “gas guzzler” that are more efficient?

First, you’d have to prove that it is technically possible to make a vehicle that people would buy that was affordable and accomplished the same task as the “gas guzzlers” they are currently CHOOSING to buy.

As in all things, there are tradeoffs:
1) Does the job desired by the owner
2) Is efficient
3) Is affordable

Pick two.

[bray]

Never have I seen such massive idiocy wrapped in an enigma.

Pray for America

[dblshot]

Lebanon and Israel could negotiate a treaty or whatever they wanted to call an agreement between themselves. It would be in Lebanon's interest to receive royalties on whatever percent of the reservoir was in their waters. I doubt they have the money to exploit anything like gas in 5000 feet of water. But I guess Israel can stiff Lebanon just as easy, what's Lebanon gonna do, shoot rockets at Israel?

[dblshot]

Imagine the waste created by horse drawn transportation to accomplish the same work. Vehicles are constantly getting more efficient allowing people more opportunities for work and leisure.

[moehoward]

Even if it’s not, it’ll be a constant target.

[moehoward]

Or we might be using up everyone else’s and saving ours in reserve.....
...muuHAAAHHHAAAAAAhaaaaa....