Israel Has Gas!

January 2nd 2011

Natural Gas of course, what else would we be referring to to?

Now this is what I call a good [belated] Hanukah present!

In what Infrastructure Minister Uzi Landau has called “the most important energy news since the founding of the state.” A massive Israeli offshore natural gas reserve has been discovered of the Northern coast. The field is 325 km, roughly half the size of Toronto, containing an estimated 16 trillion cubic feet of gas.  How significant is 16 trillion? Enough to cover Israeli natural gas needs for about 100 years.  And we thought tourism to Israel was the next “big thing”, apparently Israel is about to jump into the energy game in a big way!

100 years of not having to barter with foreign powers for energy needs, possible protection against boycotts and sanctions, less dependency on US subsidies.  Oh my!

But first, the gas must be accessed. And laying 1,600 m below the surface of the water is no small dive in the ocean. In the next few years, Israel must build the pipelines or liquefy the gas in order to transport what is believed to be the greatest underwater natural gas reserve found in the last decade.

Good days are coming soon!