Archive for April, 2010

Apr 24 2010

Israel’s new-found energy

For years Israelis have watched their oil-rich Arab neighbours and envied their abundant energy supplies and the political clout that they bring. More than 400 onshore and 25 offshore oil wells have been drilled in Israel since the 1950s – all to no avail. But recent developments are prompting some to think there could be a new natural gas kingdom – and a Jewish one at that.

Offshore natural gas drilling

Offshore natural gas drilling

A report just published by the United States Geological Survey (USGS) suggests there may be 122 trillion cubic feet of natural gas in the area between Israel, Cyprus and Lebanon. That is more gas than the whole world consumed and produced in 2008, and according to the agency, it is “bigger than anything we have assessed in the United States”. According to these estimates, only half of the potential gas belongs to Israel and then there’s the problem of how to drill for it successfully and carry it to shore. (more…)