Gas Starts Flowing from Israel's Levant Basin, What Now?

OilPrice.com via Rig Zone ^ | April 05, 2013 | James Stafford|

[Orange1998]

Drill baby Drill!!

[haffast]

"Peace and Security" coming to Israel soon, and the Obamites will be there to add to their "legacy". What fortunate timing for them.

Could this be the motivator for the sudden need for all the recent diplomatic scurrying by O'Biden, Kerry, and Hagel before "the door closes"?

Israel Grants First Golan Heights Oil Drilling License To Powerful US Company
Business Insider ^ | Feb. 22, 2013, 2:45 PM | Michael Kelley
http://www.freerepublic.com/focus/f-news/2990546/posts

After all, it's for the children.

[thackney]

They said Petroleum, not oil or energy.

The EIA (Energy Information Administration) defines Petroleum rather loosely, but it is only liquids, not natural gas. However, they do include Natural Gas Liquids, Ethanol etc in this list. See the breakdown at the link below:

http://www.eia.gov/dnav/pet/pet_cons_psup_dc_nus_mbblpd_m.htm

If we include all these liquids, including ethanol, the number is substantially higher, 10.5 million barrels per day.

However, this still does not equal or exceed the Saudi Arabia crude oil production, and they produce some Natural Gas liquids themselves but I don't find those numbers.

In my opinion, that should tell you something about the source of the claim; they are either ignorant or intentionally deceptive.

U.S. Liquid Fuels Supply and Imports
http://www.eia.gov/forecasts/steo/report/us_oil.cfm

EIA expects U.S. crude oil production to continue to grow rapidly over the next two years, increasing from an average 6.5 million bbl/d in 2012 to average 7.3 million bbl/d in 2013 and 7.9 million bbl/d in 2014. Drilling in tight oil plays in the onshore Williston, Western Gulf, and Permian basins is expected to account for the bulk of forecast production growth over the next two years. Projected Alaskan crude oil production declines from an average of 530,000 bbl/d in 2012 to 500,000 bbl/d in 2013 and 470,000 bbl/d in 2014. U.S. federal Gulf of Mexico (GOM) crude oil production averaged an estimated 1.3 million bbl/d in 2012, about 50,000 bbl/d lower than during 2011. EIA expects GOM production to increase to an average of 1.4 million bbl/d in 2013 and 1.5 million bbl/d in 2014.

[thackney]

Yea I always liked that part especially when I tell them I’ll drill a well and have it online selling gas and oil in less than 45 days.

You don't have to build a rather first acquire the leases, do the seismic survey, build extensive infrastructure including power plants for the electricity to run the pumps and compressors, Lay in significant pipelines, etc.

I've designed facilities on the Alaskan North Slope and still do that today. 10 years is optimistic for production to happen from the day government decides it will open it up for lease sales to the day commercial production actually flows.

[OLDCU]

That’s the first thing I thought.

[Wonder Warthog]

My sis-in-law works for Noble, and did (at least some) of the 3D seismic involved.

[PGR88]

Hmmm, its almost like they have been chosen to succeed.....

[Walmartian]

“..... A desolate country whose soil is rich enough, but is given over wholly to weeds... a silent mournful expanse.... a desolation.... we never saw a human being on the whole route.... hardly a tree or shrub anywhere. Even the olive tree and the cactus, those fast friends of a worthless soil, had almost deserted the country.” (The Innocents Abroad, p. 361-362) Mark Twain

[thackney]

I don’t think that is an accurate description of Israel today.

In monetary terms, Israel produces almost 70% of all its food requirements. It imports much of its grain, oilseeds, meat and fish, and its the sugar, coffee and cocoa. However, these imports are offset by exports of agricultural produce valued at around $800 million and $600 million worth of processed foods per annum. Today, just under a quarter of the income of Israel’s farmers derives from the export of fresh produce, including items such as flowers, avocados, out-of-season vegetables and certain exotic fruits grown for export. In 1996 some 140,000 tons of fruit and vegetables - 14 percent of the entire crop - were sold to factories for processing and export.

http://www.jewishvirtuallibrary.org/jsource/agriculture/aggrowth.html

[Bloody Sam Roberts]

What now? Beef up security.

[haffast]

"Peace and Security" ping. Kerry currently negotiating price.

"Israel has the upper hand right now in terms of development and production, but it lacks the infrastructure without Turkey.

Israel was originally hoping to lay a pipeline that would traverse both Cyprus and Turkey, but there are too many political pitfalls to this plan (whichwould essentially mean a final resolution to the Turkey-Cyprus spat). The ideal would have been a pipeline that connects all the Levant Basin resources—including Lebanon, Israel, Cyprus and Turkey—but this is the stuff of geopolitical dreams.

In the end, it is shaping up that an Israel-Turkey pipeline is not only possible, but coming to fruition."

The New Big Oil and Gas Find (Israel)
Forbes Magazine ^ | September 27, 2010 | Christopher Helman

"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."
http://www.freerepublic.com/focus/f-news/2590169/posts

Navy Prepares to Defend Gas Rig
Arutz Sheva ^ | 8/12/12 | Gil Ronen
http://www.freerepublic.com/focus/f-news/2966956/posts

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[haffast]

Cyprus to build gas plant with or without Israel
APNews | Apr 03, 2013

"NICOSIA, Cyprus (AP) — Cyprus' offshore natural gas deposits are enough to warrant the construction of a gas processing plant to export excess supply, regardless of whether Israel decides to be a partner in the project, the island nation's foreign minister said Wednesday."

"Ioannis Kasoulides said Cyprus is continuing talks with Israel, which has also discovered its own offshore gas deposits, on ways the countries can best exploit their mineral reserves. Cyprus is particularly keen, hoping its future gas wealth will help pull it out of a crushing economic crisis that has forced it to ask for an international bailout."
http://townhall.com/news/politics-elections/2013/04/03/cyprus-to-build-gas-plant-with-or-without-israel-n1557288

Tshuva looking for U.S. aid for Las Vegas Plaza project
By Michael Rochvarger | Mar.08, 2009 | 12:37 AM

"Tshuva held a series of meetings last week in the U.S., including one with Senator Harry Reid (Democrat) of Nevada, the Senate Majority Leader."
http://www.haaretz.com/print-edition/business/tshuva-looking-for-u-s-aid-for-las-vegas-plaza-project-1.271663

[Walmartian]

I meant it as a comparison between then and now.

[thackney]

Thanks for the clarification.

Cheers.

[MrB]

Last Jihad?

Here’s a commentary on this very development by JR himself:

http://flashtrafficblog.wordpress.com/2013/03/30/game-changer-israeli-natural-gas-began-flowing-today-dawn-of-energy-independence-prophetic-too/

[haffast]

The Geopolitics of Israel’s Offshore Gas Reserves
Jerusalem Center for Public Affairs ^ | 4-3-2013 | David Wurmser

"Israel will become a net exporter of gas."
http://www.freerepublic.com/focus/f-news/3005392/posts

Tumbled a few ideas here:
http://www.freerepublic.com/focus/f-news/3005364/posts?page=4#4