Exxon Eyes Israel Gas Bid in Major Middle East Shift

Friday, March 15, 2019 | Tag Cloud Tags: , , , , , ,

(Worthy News) - Exxon Mobil Corp is considering exploring for oil and gas in Israel, said a person with direct knowledge of the matter, in what would make Exxon the first oil major to operate in the country still technically at war with Gulf Arab states.

A number of large gas discoveries offshore Israel and in nearby eastern Mediterranean waters in the last decade have made Israel a potentially lucrative prospect for big energy firms. The region is emerging as a new hot spot for gas exploration and production.

Until those discoveries, Israel was believed to be sitting on scant oil and gas reserves. There was little reason for energy firms to explore for energy in Israel and risk complicating operations and future investments in nearby Arab countries that hold some of the world’s largest energy reserves. [ Source: Algemeiner (Read More...) ]

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