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September 2, 2014 / 7 Elul, 5774
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Posts Tagged ‘Leviathan’

Leviathan Natural Gas Field 16% Larger Than Expected

Wednesday, July 16th, 2014

Israel has received good news from the energy sector despite the missile fire aimed at its civilians by Gaza terrorists. The Leviathan gas field was found to be even bigger than previously expected.

The estimated size of the natural gas reserve was raised Sunday by 16 percent after an updated analysis by consultant Netherland Sewald & Associates (NSAI) estimated the field to hold 21.93 trillion cubic feet (620 billion cubic meters, or bcm.)

NSAI raised its estimate based on expansion of Leviathan’s database, which included 3D seismic surveys and a laboratory analysis.

Along with Leviathan, the Tamar field holds 303 bcm and began production a year ago. Two other, smaller sites hold an additional 58 bcm.

The Leviathan field is operated by Texas-based Noble Energy, which holds 39.66 percent of the rights to the reserve. Israel’s Avner Oil and Delek Drilling, both subsidiaries of the Delek Group – hold a combined 45.34 percent stake. Ratio Oil holds the remaining 15 percent of the shares.

God’s Difficult Six Days

Monday, October 7th, 2013

This weekend it occurred to me that the authors of the midrashim depict God as making one mistake after another during the Six Days of Creation.

He makes light, but apparently miscalculates: the light its too bright and must be hidden away for the righteous. When He creates two giant lights for the heavens, He fails to consider that giant lights can be prima donnas: one light turns out to be something of a whiner. It needs to be cut down to size; afterwards - another adjustment – God compensates it with a retinue of stars. A Leviathan is created but God seems to have miscalculated again. The beast’s tremendous bulk makes its continued existence impractical, so it is slaughtered and put on ice for the righteous. God orders the earth to produce trees with bark and leaves that taste like their fruit, but the earth disobeys and God just goes along with it and lets himself be overruled. What kind of bumbler is this Creator?

Though I am certain the clever speakers can tell us what all if this is “meant to teach us” and turn God’s difficulties into inspirational messages. I prefer to wonder at the audacity of the midrashic writers. How do such depictions communicate awe and fear of the Almighty? In their depictions, our all-knowing and perfect God is made to seem as if he is just making things up as He goes along. Perhaps this is possible because the God they imagine is less perfect and less powerful than the God we imagine.

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Natural Gas Magnate Says Gov’t Can Pocket Billions from Exports

Sunday, May 19th, 2013

The government can expect to rake in billions of dollars from natural gas exports in the next 20 years, claimed Yitzchak Tshuva, controlling shareholder of Delek, which is a major partner in the Nobel Energy consortium that has begun pumping gas from its off-shore oil discovery.

Opposing views are trying to prohibit exports, arguing that Israel should make sure it has enough gas for domestic use before exporting.

Tshuva told a business conference on Sunday that it is possible to keep gas reserves for the country while exporting, the Globes business website reported.

“The government should encourage gas exploration deals in Israel, and ensure that more companies, both Israeli and foreign, will enter the industry,” he said. “More companies means more drilling, and Israel will strengthen its position as an important player in the field. It should be remembered that the government’s take from the gas industry, from taxes and royalties has been set at 60%, which means that the Israeli public and the state’s treasury are the main beneficiaries of the industry’s success.”

He also asserted that Israel ill have more “geopolitical power” by virtue of its exporting natural gas.

The Delek-Noble consortium discovered the huge Leviathan energy field in 2010 and it is estimated  to contain 18 trillion cubic feet of natural gas

Yigal Landau, CEO of Ratio Oil Exploration, told Israeli radio on Sunday, “The domestic market is small and limited” and that agreements have been closed with other companies have guaranteed a local supply for years.

More Natural Gas Found

Thursday, May 16th, 2013

On Wednesday evening, the Delek Group announced that they believe they’ve found an additional 57 billion cubic meters (2 trillion cubic feet) of natural gas at the Karish (“Shark”) 1 well. Updated estimates, on Thursday morning, are now saying there is possibly 80-100 billion cubic meters.

The drilling began in mid-March, and was expected to go on for 3 months.

The Karish well is 75 kilometers north west of Haifa. The waters depth is 1,740 meters, and they will be drilling down 4,900 meters.

This well is being drilled by Noble Energy (47.1%), Yitzhak Tshuva’s Delek Drilling (26.4%) and Avner Oil and Gas (26.4%).

The issue of what to do with the gas is a controversial subject in Israel, with some sides saying it should be exported, while other saying it should all be kept for domestic use.

Government profits from the gas are going to be put into a special fund, but JewishPress.com has been calling for Israel to follow the Alaska model introduced by Sarah Palin, where State income and sales tax have been cancelled, and citizens of Alaska personally receive checks from the oil revenue royalties and taxes.

Palin introduced the concept that the natural resources of the state belong to the citizens of Alaska, and they should profit from it directly.

Israel: The Natural Gas and Start Up Nation

Tuesday, April 16th, 2013

1.  “The flow of natural gas from Israel’s Tamar reservoir in the Mediterranean to the Ashdod reception facility was inaugurated on March 30, 2013, ushering in a new era in Israel’s energy sector [led by the Houston-based Noble Energy]. Israel will not only become independent in being able to supply its own energy needs, but it is likely to become an energy exporter as its maritime gas fields are further developed…. The amount of gas discovered offshore now dwarfs any feasible, projected Israeli demand for at least half a century….Israel will become a net exporter of gas….Europe would seem to be the natural export market for Israeli gas….Yet Asia may emerge as Israel’s preferred export destination. The Australian firm, Woodside, which acquired about a third of the rights to the Leviathan field, is oriented toward marketing gas in Asia, and envisions building a liquefaction plant to service that trade….Israel will view with apprehension any scheme to anchor its critical infrastructure in countries beyond its own borders, such as Jordan, Cyprus, or Turkey….” (Dr. David Wurmser, April 4, 2013).

2. Hewlett-Packard (HP) is the second largest investor – trailing Intel – in Israel’s information technology sector, with 6,000 employees.  HP’s Israel-developed products carry the Indigo and Scitetx Vision brands (Southeast-Israel Business News, March, 2013).

3.  The Chicago-based AllScripts acquired Israel’s dbMotion for $235MN (Globes Business Daily, March 6, 2013).

4.   The globe’s largest biotech company, Roche of Basel, Switzerland, concluded a joint venture with Israel’s Chiasma, developing and commercializing Chiasma’s Octreolin for acromegaly and neuroendocrine tumors. Roche received a worldwide exclusive license in return for an upfront payment of $65MN and additional $530MN in milestones and royalties (Globes, February 19).

5.  Singapore Telecommunications (SingTel) and Israel’s Amdocs are establishing a joint development center in Israel.  Amdocs operates a similar center with AT&T.  SingTel intends to invest in a few Israeli start-ups, following its acquisition – in March 2012 – of Israel’s Amobee for $321MN (Globes, March 4).  Germany’s global optical giant, Zeiss, is establishing a research and development center in Israel.  Five years ago, it acquired Israel’s Pixer (Yedioth Achronot daily, April 4).  Michael Dell’s MSD Capital invested $22MN in Israel’s food chain, Rami Levy, increasing its holding to 6.1%.  The Boston-based Fidelity acquired 5% of Rami Levy for $27MN (Globes, March 29 and April 8).

6.  Hong Kong’s investment mogul, Li Ka Shing’s Horizon Ventures, led an$ 8MN round of private placement by Israel’s Nipendo (Globes, March 12).  The Waltham, MA-based Battery Ventures – joined by the Menlo Park, CA-based Opus Capital - led a $10MN second round by Israel’s SiSense (Globes, April 4). The Menlo Park-based Sequoia Capital – joined by T-Mobile – led an $11MN round by Israel’s Innovid (Globes, March 8).  Israel’s StarCom raised $4MN at the London  Stock Exchange for smaller companies, AIM (March 6).

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How Israel Should Use Its New Found Energy Wealth

Sunday, February 3rd, 2013

On the one hand, Israel is on the verge of a positive development whose importance is hard to underplay. As Caroline Glick described it,

This weekend Israel reportedly conducted its first successful test pumping of natural gas from the offshore Leviathan natural gas field. In the next four years, Israel will become a major natural gas exporter and will make great strides in developing its recently discovered shale oil deposits. Israel’s emergence as an energy exporter will have a transformational impact on Israel’s economic independence and long-term viability. [my emphasis]

But on the other hand, the security challenges Israel faces today from Iran, Hizballah, Egypt, Hamas, etc. have never been greater. The international delegitimization campaign against it, led by the U.N. and financed to a great extent by the European Union continues to gather steam. Jew-hatred and anti-Zionism have merged, with the former gaining cover from the latter, creating the least favorable social climate for the Jewish people since WWII. Academia is almost universally hostile, and Israel (and Jewish students) are attacked more viciously on college campuses than ever.

So how can Israel’s new energy resources be given a “transformational impact” on these problems? Here are a few ideas:

First, Israel should make mutually beneficial agreements with the major transnational energy companies. It should be made clear that these deals are contingent on their support for Israel’s political goals. It certainly worked for the Arabs — I remember Exxon Corporation publicly calling for a more “even-handed” approach to the Middle East immediately after the war in 1973. I have often speculated that the influence of these companies has been responsible for the irrational but unswerving U.S. policy to try to reverse the outcome of the 1967 war.

Second, Israel should give generous gifts of its soon-to-be-available gas and oil dollars to major universities in Europe and the U.S., to establish departments of Jewish and Israel studies. These departments should be staffed by academics who do not hate Israel and the Jewish people (I’m sure they can be found, especially when there are endowed chairs for them to sit in).

Third, Israel should build a massive satellite TV/radio/Internet channel, broadcasting in multiple languages to all parts of the world. This channel should present entertainment, news and cultural programming attractive to as wide a range of viewers/listeners as possible. Again, media people who who have positive attitudes will appear when the opportunities for employment do.

Fourth, Israel should create independent think-tanks and scientific institutes in major democratic countries which will produce papers and articles — academic and popular — on important topics. Some proportion of the jobs in these institutes should be reserved for retired politicians.

Fifth, Israel should award international prizes for achievement in scientific and cultural fields.

Sixth, Israel should establish an institute for technical training where promising students from developing nations can come and study at no cost.

And seventh, despite all this, Israel must maintain and improve its military capabilities to deter aggression and terrorism.

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Australian Gas Giant Buys 30% of Israel’s Leviathan

Monday, December 3rd, 2012

The operator of Australia’s Pluto liquefied natural gas project, Woodside Petroleum, will buy a 30 percent share in Israel’s Leviathan natural gas field for $2.5 billion, becoming a strategic partner in the drilling.

Woodside, Australia’s second largest oil and gas producer, will make a first payment of $696 million.

Leviathan is expected to start producing usable gas in 2016.  The value of the field is estimated at $8.3 billion.

Printed from: http://www.jewishpress.com/news/australian-gas-giant-buys-30-of-israels-leviathan/2012/12/03/

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