Israel Gas Field Is Now Twice the Size of Previous Estimates

Thursday, August 27, 2009 | Tag Cloud

By George Whitten, Jerusalem Bureau Chief

JERUSALAM, ISRAEL (Worthy News) – Israel’s discovery of the one of the world’s largest natural gas field is much larger than previously estimated, according to a new report obtained by Worthy News.

The Tamar Gas field, offshore from Haifa, is now worth $8 billion, nearly double previous estimates of local analysts, said a report prepared by Wood Mackenzie Research and Consulting.

Tamar is the world’s second largest natural gas discovery over the past 18 months. Natural gas will be flowing into Israel by 2012, officials said.

Analysts say the natural gas field will have a huge impact on the economy of Israel and is expected to make the Jewish state more energy independent.

“The state of Israel will make over $5 billion in royalties and corporate taxes from the production of the gas at Tamar field alone,” said Gal Reiter, an energy industry analyst at Clal Finance & Brokerage, a leading Tel Aviv investment bank.

As infrastructure is built for bringing natural gas onshore, local economies are also expected to benefit from the billions that will be spent on a 500 kilometer (311 mile) distribution network, officials said.

Israel’s National Infrastructure Ministry (NIM) announced it is considering adapting the country’s bus fleet as well as cars to run on natural gas.

The NIM said it believes demand for natural gas “will triple” by 2016, as power plants and industry rapidly switch from oil to natural gas.

We're being CENSORED ... HELP get the WORD OUT! SHARE!!!
No tags for this post.
Fair Use Notice:This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.

Worthy Christian News