3 huge gas reservoirs found off Israel coast

Jerusalem Post:

Three massive gas reservoirs have been discovered 80 kilometers off the Haifa coast, at the Tamar prospect, Noble Energy Inc. announced on Sunday.

The Tamar-1 well, located in approximately 5,500 feet of water, was drilled to a total depth of 16,076 feet. The thickness and quality of the reservoirs found were greater than anticipated at the location.

Charles D. Davidson, Noble Energy's chairman, president and CEO, said in an announcement that his company was "extremely excited by the results. This is one of the most significant prospects that we have ever tested and appears to be the largest discovery in the company's history."

Speaking on Army Radio Sunday morning, an exhilarated Yitzhak Tshuva, owner of the Delek Group Ltd, one of the owners of the well, called the discovery "one of the biggest in the world," promising that the find would present a historic land mark in the economic independence of Israel.

"I have no doubt that this is a holiday for the State of Israel. We will no longer be dependent [on foreign sources] for our gas, and will even export. We are dealing with inconceivably huge quantities; Israel now has a solution for the future generations," Tshuva added.

An ecstatic Infrastructures Minister Binyamin Ben-Eliezer said before the weekly cabinet meeting that the discovery was a "historic" one and could "change the face of Israeli industry."

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It would not surprise me to see Israel covert most of its vehicles to natural gas. The find also effects the strategic balance with other states in the region. I have seen stories in the past suggesting that oil or gas might also be found off the coast of Gaza. In the unlikely event that someone is allowed to explore and discover recoverable amounts I am sure the Hamas leadership would want to spend it on weapons rather than improving the lives of the Palestinians.