Even more oil and gas discovered off Israeli coast

Large-scale natural gas and oil discoveries both in Israel and off its Mediterranean coast seem to be occurring with surprising frequency in recent years. On Sunday, an Israeli company announced the discovery of yet another commercially-viable gas and oil field just off the coast of the northern port city of Haifa.

Israel Opportunity Energy Resources LP said its Pelagic license was estimated to contain 6.7 trillion cubic feet of natural gas and 1.4 billion barrels of oil.

“The quantity of gas discovered in the licenses, and the high probabilities, make it the third largest offshore discovery to date,” company chairman Ronny Halman told the business newspaper Globes, adding, “This quantity guarantees Israel’s energy future for decades, and makes it possible to export Israeli gas, and boost the state’s revenues without worrying about gas reserves for domestic consumption.”

The discovery of the Pelagic fields comes about a year after another Israeli company made public its natural gas find in the Tamar and Leviathan fields, also off the Mediterranean coast. Tamar and Leviathan are estimated to contain 9 and 17 trillion cubic feet of natural gas, respectively.

Tamar and Leviathan, together with the nearby Gabriella license held by Modiin Energy, are also expected to yield a combined 800 million barrels of oil.

The discoveries in the eastern Mediterranean in recent years are estimated to be the largest in the world, and could drastically alter Israel’s economic and energy situation.

Israel Today

6 Comments on "Even more oil and gas discovered off Israeli coast"

BillT on Wed, 6th Jun 2012 2:27 pm 



Propaganda…from the master. And why they will not give back the land bordering on the Med. Do you feel the heat building in the Middle East? Are you ready?

SOS on Wed, 6th Jun 2012 4:32 pm 



LOL. Its starting to look like the only place we have peak oil is in the USA where some champion the agenda of peak oil through peak politics.

Oil and gas are in abundance. They need to be developed in an orderly fashion.

The NG industry is so overun with supply that all storage in the US is full. They have done too good a job even with peak politics. Instead of celebratiing the good fortune the politics aligned against energy are in a panic.

The house of cards will fall if the truth be known: Politics has restricted the supply of abundent energy supplies and has taxed the life out of the supplies that are being produced despite tremendous political forces opposing energy development.

John Orr on Wed, 6th Jun 2012 10:47 pm 



SOS it’s interesting reading your post that there is an abundance of oil and gas and it’s effect if govering states don’t get enough tax, in the UK our fuel tax is approx. 70%….. have you any links to read???
Did you ever see any of those high tech images of the globe showing where oil companies have a chance of finding oil???

SOS on Wed, 6th Jun 2012 11:50 pm 



The taxes discourage production. The British gov has recently revamped its tax structure to promote new production. Royalties are the source of mineral wealth for individuals and governments.

BillT on Thu, 7th Jun 2012 1:02 am 



Just ignore SOS. He is obviously an oil company shill, has no idea what is going on in the world, and denies that we are in decline because there is less oil to be found. He wants to blame it on his favorite scape goat, government. Interesting that production operated fine under the same regulations and taxes until the decline began. Federal gas taxes have not changed in decades and corporate income taxes have been going down for years.

Alan Cecil on Thu, 7th Jun 2012 1:34 am 



Also ignore BillT. His antisemitism is deplorable.