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Israel's offshore oil and gas fields could mean decades of s

Larrry

Well-known member
http://www.forbes.com/forbes/2010/0927/outfront-oil-gas-israel-noble-energy-next-stop-opec.html

The New Big Oil and Gas Find
Christopher Helman, 09.09.10, 11:20 AM EDT
Forbes Magazine dated September 27, 2010
Israel's offshore oil and gas fields could mean decades of self-sufficiency, and big profits for Noble Energy and its billionaire partner.

All big oil and gas fields have geopolitical significance, but in recent years we haven't seen one with the potential to matter more than Leviathan--a prospect off the coast of northern Israel. 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.

In Depth: The Top 10 Oil Fields Of The Future

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Yahoo! BuzzIf it pans out Leviathan would be a huge field for any country. But it would mean the world to Noble, Delek and especially Israel, which doesn't exactly see eye to eye with its oil-rich neighbors. During Israel's 2006 war with Hezbollah, Egypt came under pressure to shut off its gas pipelines to Israel. Of its 250,000 barrels per day of oil demand, according to the U.S. Energy ( USEG - news - people ) Information Administration, Israel imports roughly 98%.

Granted, the Leviathan numbers are just predrill guesses. But Noble and Delek have a good track record in the area. Last year they drilled into the Tamar field and made the world's biggest natural gas discovery of the year: 8.4 trillion cubic feet. Tamar's discovery quintupled Israeli gas reserves. At the time Noble Chief Executive Charles Davidson said, "The implications of this discovery to Israel and to Noble cannot be overstated." Leviathan shares the same geology as Tamar, and the hydrocarbon system looks to be roughly twice as big.

Shares of Noble are up 40% since the Tamar find; Delek Group's, more than 50%. That's good news for Yitzhak Tshuva, who controls Delek and is ranked number 463 on FORBES' world billionaires list, with a net worth of $2.1 billion.

Realizing big gains won't be easy. Already Lebanon has claimed the fields are in its waters. Worse, Israeli politicians are talking about hiking the royalties and taxes on oil and gas extraction, currently 40% of revenues. What will Noble do if the economics don't make sense in Israel? Just northwest of Leviathan they're eyeing another big prospect--in the waters of more tax-friendly Cyprus.
 

Steve

Well-known member
When the Leviathan gas discovery was announced in June, Nabih Berri, the speaker of Lebanon's parliament and Hashem Safieddine, executive council chief of the Islamic movement Hezbollah, told international media that the area belongs to Lebanon and not Israel. But Israeli government authorities denied this claim, saying Israel has the right the maritime area where the field is located.

sounds like more trouble on the horizon, with hezbollah..

ever notice how some cultures do nothing to help themselves, yet whine and act like a victim when another culture gets ahead, ???
 
A

Anonymous

Guest
Steve said:
When the Leviathan gas discovery was announced in June, Nabih Berri, the speaker of Lebanon's parliament and Hashem Safieddine, executive council chief of the Islamic movement Hezbollah, told international media that the area belongs to Lebanon and not Israel. But Israeli government authorities denied this claim, saying Israel has the right the maritime area where the field is located.

sounds like more trouble on the horizon, with hezbollah..

ever notice how some cultures do nothing to help themselves, yet whine and act like a victim when another culture gets ahead, ???

technically speaking, it would not be the jews oil unless they steal it from the palestinians which they will...

also, the story goes on to say that Iraq has the second largest oil field behind saudi now...hmmmmmmm
 

Steve

Well-known member
shaumei said:
Steve said:
When the Leviathan gas discovery was announced in June, Nabih Berri, the speaker of Lebanon's parliament and Hashem Safieddine, executive council chief of the Islamic movement Hezbollah, told international media that the area belongs to Lebanon and not Israel. But Israeli government authorities denied this claim, saying Israel has the right the maritime area where the field is located.

sounds like more trouble on the horizon, with hezbollah..

ever notice how some cultures do nothing to help themselves, yet whine and act like a victim when another culture gets ahead, ???

technically speaking, it would not be the jews oil unless they steal it from the palestinians which they will...

also, the story goes on to say that Iraq has the second largest oil field behind saudi now...hmmmmmmm

it was a GAS discovery.. and there is hopes of an oil discovery... (you're not very good with facts are you? )
 
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