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Tuesday, February 17, 2009

Should Israel Join OPEC? (Alternate Title: Haifa Gas Larger Than Life)

Not too long ago there was news that Israel discovered a large amount of natural gas off the coast of Haifa.

While discovering large reserves of natural gas is not really "breaking news" (as it is discovered all over the world very frequently) this one treasure trove may help Israel become energy independent (at least from foreign gas).

(Israel National News) 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 trillion cubic feet of gas.

Even though Israel already receives gas from Egypt, having a large secondary source should greatly benefit Israel (as they have not made too many friends abroad ever since defending their borders in Gaza).

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1 comment:

  1. No, we should never join OPEC. It wouldn't do us any good because it will be used for domestic use anyway... there will be no exporting of gas unless we find larger fields later.


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