Monday, May 20, 2013

Commercializing Israel’s natural gas finds

When Texas-based oil and gas producer Noble Energy announced a huge natural gas discovery in Israel in 2011, the entire industry was taken by surprise.

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“This latest major discovery for Noble Energy is easily the largest exploration discovery in our history,” Noble CEO Charles Davidson said.

This year, the CEO is working with Isreali government and businesses to fulfill two goals:

1. To kick-off the commercialization of the huge natural gas deposits in the Mediterranean Sea’s Tamar field. The field has started to generate 300 million cubic feet of natural gas per day since its discovery, while its basin holds up to 10 trillion cubic feet of gas.

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2. To determine whether the gas will stay mostly in Israel or head somewhere else. Whether the Israeli gas will head to eastern and western Europe, the Middle East, or North Africa, it’s for Prime Minister Benjamin Netanyahu’s government to decide.

This historical find completely opens doors not just for the people in Israel, but also for the whole world. While Israel gets energy and economic security from this project, countries without oil sources will also have the benefit of importing affordable gas from Israel.

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Oil and gas expert Dr. Ali Ghalambor is one of the authors of The Natural Gas Engineering Handbook, which discusses essential aspects of the natural gas industry. For the latest developments in the oil and gas sector, follow this Twitter page.

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