web analytics
September 27, 2016 / 24 Elul, 5776

Posts Tagged ‘Offshore’

Steinitz: Israeli Offshore Gas ‘Worth 4 Leviathans’

Friday, June 17th, 2016

Minister of National Infrastructure, Energy and Water Resources Yuval Steinitz told the 16th Herzliya Conference on Thursday that Israel discovered offshore natural gas worth four times the Leviathan field.

Steinitz said that “developing the gas fields, bringing natural gas to factories and transport and developing export pipelines, all these things are a huge engine of growth. What might save us from recession and bring us back to a reasonable level of growth is natural gas.”

Regarding the possibility of recession, Steinitz said, “It’s no secret that Israel has had a major downturn in growth, in investments and in exports and that’s very worrying.”

Steinitz told the conference that his office is debating laying a gas pipeline to Cyprus and to Greece, noting that “the project is technologically possible and the costs are not as high as we thought in the past.” He added that “if this can be realized it would position Israel well from the geopolitical and geostrategic point of view. Israel can become a significant player.”

David Israel

Tel Aviv Crowd Protests Israeli Government Gas Deal

Sunday, June 28th, 2015

You know that summer has truly returned in Israel when thousands gather in Tel Aviv to protest consumer issues.

On Saturday night, the heat was on with a demonstration against the government’s latest deal to allow the Noble Energy – Delek Ltd. Group to move ahead with its development of Israel’s offshore gas fields.

Mor Gilboa, director of the Green Course environmental group and one of the organizers of the protest, contended that the deal “leaves us with exaggerated and outrageous natural gas prices that will not contribute to lowering the cost of living, to development of a strong local industry, to development of industry in the periphery, to reducing pollution.”

Zionist Union MK Professor Yossi Yona, a member of the opposition faction, added, “The current plan does not serve the public interest. [It] concentrates economic power in the hands of interested parties, among them foreign bodies, which means a strategic threat to Israel’s sovereignty.”

But on Friday before the protest, Prime Minister Binyamin Netanyahu denied allegations he was aiding and abetting the group in retaining power as a monopoly. Rather, he said, he was working to ensure the deal would bring prosperity to Israelis.

“I work for you, for the security of Israel and the welfare of all of its citizens,” Netanyahu wrote in a post on his Facebook page. He vowed in the post to keep his campaign promise to lower the cost of living using the country’s natural resources – including the natural gas that would come from the deal being negotiated with the group responsible for discovering and developing the Leviathan, Tamar and other gas fields in Israel’s Mediterranean waters.

Having discovered and begun the expensive process of developing the gas reservoirs, however, the two firms – Texas-based Noble Energy, and Israel-based Delek – have said they need to see a worthwhile return on the investment in order to continue the process.

The group was targeted last year by the Israeli Antitrust Authority for holding a monopoly on natural gas development in Israel, paralyzing the energy industry.

After months of uncertainty, Israel’s political-security cabinet put an end to the haggling on Thursday, unanimously approving a new compromise deal to allow the group to advance development of the fields.

The deal will allow the group to retain control over Leviathan, the world’s largest offshore discovery of natural gas in the past decade, among other concessions.

Hana Levi Julian

Easing of Fears of Attack in Syria Sinks Shekel-Dollar Rate

Wednesday, September 11th, 2013

The shekel-dollar rate sank to a two-year low Wednesday, reaching to as low as under 3.56 shekels to the dollar, after President Barack Obama called off a Senate vote on giving him permission to attack Syria. One shekel now is worth slightly more than 28 cents, good news for Israelis wanting dollars but terrible for exporters and Americans in Israel whose savings or wages are in dollars.

Last week, when it seemed certain that the United States would attack Syria, the rate was more than 3.66 shekels to the dollar.

Analysts expect the Bank of Israel to buy more dollars to jack up the rate if it falls much lower, but similar measures in the past have proven to have little long-term effect. The rate may move back up because of renewed strength in the American dollar worldwide.

However, the shekel  is expected to grow stronger  in the long term because of an improving economy, reduction of the deficit and the continuing development of the new offshore energy industry that is turning Israel into an energy exporter.

Jewish Press News Briefs

New Israeli Oil Find near Gaza Could Drive Hamas, Abbas into War

Monday, September 9th, 2013

A new oil discovery in southern Israel might turn out to be the catalyst for an internal and self-destructive war in the Palestinian Authority, with Hamas in Gaza and chairman Mahmoud Abbas in Ramallah likely to claim ownership of a new Israeli offshore oil discovery near Ashdod.

When the Tamar and Leviathan gas and oil fields off the Haifa and Hadera coast, in northern Israel, were discovered, Lebanon and Hezbollah quickly claimed that energy reserves were in their territorial waters.

The oil and gas reserves are clearly within Israel’s territorial waters, but the fields could extend as far as the waters off the Lebanese coast.

Lebanon warned the American Noble Energy company not to approach its territory, and Hezbollah it would go to war over the oil and gas fields. Since then, Israel has brought gas into production, and Lebanon and Hezbollah have kept quiet, partly because the United States has mediated by proposing a boundary between Lebanon and Israel’s maritime economic zones.

Now comes the Israeli Shemen Oil and Gas Company which reported on Saturday indications of  “high quality of oil”  following offfshore drilling at its Yam-3 well, 10 miles from the southern port city of Ashdod, located only a few miles north of Gaza.

The drilling reached a depth of 19,000 feet undersea, but the possibility of commercial production awaits further tests.

“This is good news for Shemen but it is still too early to pop the champagne,” Noam Pincu, an analyst at Psagot Investment House Ltd. in Tel Aviv, told Bloomberg News. “We have to see the results of the production tests to estimate the quantities and quality of oil at the site.”

It still is not clear from the drilling report how thick the reservoir is and how much much oil could be commercially produced. Analysts said it could be only a few barrels a day or it could be several hundred a day, which would bring in millions of dollars.

If the Yam 3 well turns to be commercially viable, Prime Minister Binyamin Netanyahu might be able to relax at U.S. Secretary of State John Kerry’s peace talks and let Fatah and Hamas knock each other out.

Hamas and its rival Fatah movement likely would be at each other’s throats, literally, to claim that Israel is “stealing” the reserves from them.

Abbas was head of all of the Palestinian Authority in Judea and Samaria as well as Gaza until Hamas completed a bloody military coup six years ago. Abbas dissolved the Fatah-Hams coalition government and declared himself as ruler of Gaza by presidential decree, which Hamas correctly terms as “worthless.”

Abbas and Hamas de facto prime minister Ismail Haniyeh have since failed to carry out several declarations of unity.

All it will take is a few barrels of oil near Gaza’s waters for both leaders to draw their knives and guns for energy reserves that are so close to Gaza that Haniyeh and Abbas can claim that Israel is “stealing” them by drilling diagonally into Gaza waters.

Both Ramallah and Gaza City are in serious trouble financially. Egypt’s new war on terror in the Sinai has choked off the flow of commercial goods through the border at Rafiah, and Abbas is totally dependent on the economically ailing European Union, to stave off bankruptcy.

Tzvi Ben-Gedalyahu

More Gas Found Offshore of Israel

Monday, August 26th, 2013

Additional natural gas, and possibly light oil have been found at the Yam 3 drill site, 16 kilometers off the coast of Ashdod, according to a report in Globes.

It’s not yet clear how much gas and oil has been found.

Jewish Press News Briefs

Tshuva: No Shabbat Desecration Occurred

Friday, April 5th, 2013

Yitzchak Tshuva, one of the investors in the Tamar gas field said that no desecration of the Shabbat or Pesach holiday happened with the gas flow, according to a report in Kikar Shabbat.

“Shabbat is the source of our blessing,” Tshuva said. He emphasized that no ceremony was held on Shabbat or the Holiday.

Tshuva said that all the work was being done by Noble Energy, the operating partner in the gas field, and they began the process weeks ago. The gas arrived into Israel on the eve of the last day of Pesach, and that the flow of the gas is an ongoing process which took time until it reached Ashdod.

Yitzchak Tshuva expressed regret that the gas flow’s arrival physically into Israel was being presented as having desecrated the Shabbat or the Pesach Holiday.

Shalom Bear

Printed from: http://www.jewishpress.com/news/breaking-news/tshuva-no-shabbat-desecration-occurred/2013/04/05/

Scan this QR code to visit this page online: