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January 30, 2015 / 10 Shevat, 5775
 
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Posts Tagged ‘oil’

Swiss Panel Rules Israel Owes Iran up to $100 Million in Compensation

Wednesday, December 10th, 2014

A Swiss panel of arbitrators has ruled that Israel should compensate the Iranian regime between $50 and 100 million for oil the remained in a pipeline in the Arava that both countries built in a joint project before the Islamic revolution in 1979.

The Marker newspaper reported that the decision, which is preliminary and subject to further hearings, was handed down a year ago but never was published. More claims are expected both from Israel and Iran before a final ruling is declared.

Iran, under the Shah, and Israel had close trade relations before the revolution, when the new regime stopped shipping Iranian oil that had been shipped Eilat and pumped through the Iran Eilat-Ashkelon Pipeline. Once in Ashkelon, the oil was loaded on to ships headed for Europe.

Israel took possession of 800,000 tons of oil that remained in the pipeline after Iran cut off relations with Israel following the revolution in 1979.

Iran sued for compensation 20 years ago for half of the value of the oil, whose current value is approximately $400 million, more than three times the value in 1979.

The Swiss panel stepped into the picture as an alternative to the agreement’s provision that Iran and Israel each appoint one judge to arbitrate in Tehran any disputes.

Obviously, the only way Iran would agree to an Israel arriving in Tehran for arbitration would be on condition that he do so on with pre-determined burial arrangements.

Israel has claimed that it does not own Iran a shekel, or in this case a rial. It argues that disputes must be settled by direct negotiations since the terms of arbitration are not clear.

Israel’s paying Iran millions of dollars would be the embarrassment of the century. Tehran would most likely headline that Israel is helping the Islamic Republic fund its nuclear development program.

If and when it obtains nuclear war, it will be said that Israel and Iran still are cooperating.

 

Huge Oil Spill near Eilat an Ecological Disaster

Wednesday, December 3rd, 2014

Thousands of gallons of oil spilled in nature reserves in ecological-sensitive Arava region near Eilat Wednesday night, causing a major ecological disaster.

Highway 90 north of Eilat has been closed to traffic, which has been re-routed to Route 10, to the west. A tractor hit the three-foot diameter Eilat-Ashkelon pipeline at the pumping station during routine maintenance work.

Oil spilled for more than an hour until the flows stopped and flowed for miles in a dry river bed and on the highway. The flow was stopped near the Jordanian border.

The spill will severely damage the existence of animal life and vegetation, and the absorption of the oil in the ground will cause irreversible damage to the Arava.

No Oil Drilling on Golan Heights, At Least For Now

Tuesday, September 30th, 2014

Afek Oil and Gas has been blocked from drilling for oil on the Golan Heights, at least for now.

The firm received a temporary injunction Tuesday at the High Court of Justice in response to a petition by Adam Teva V’Din, the Israel Union for Environmental Defense, and a group of local residents who opposed the drilling.

According to court papers, “the company is prohibited against building any facilities or conducting any ground-altering works within the perimeter of the territory defined in the license.”

The Northern Regional Planning and Building Committee had approved on September 11 a pilot plan for exploratory drilling in the Golan Heights, which was to start on September 28.

The area in question spanned some 396 square kilometers, from Katzrin in the north, extending southwards to allow the company to sink up to 10 exploratory wells, each taking up about 1.7 acres, or seven dunam. Company officials had no idea whether they would find oil in any of the exploratory sites, or not.

At this point it is not clear whether there will be a further appeal by the company.

Earlier this month, a committee voted in Jerusalem to block a pilot project in south-central Israel to check it out. An exploration that began in 2011 estimated that approximately 40 billion barrels of oil are sitting below the surface of the Ela Valley at a depth of approximately 200 to 400 meters.

After having started an initial exploration several years ago — one that was frozen in 2011 — the Jerusalem-based Israel Energy Initiatives firm wanted to move to a pilot project to determine its viability. The plan involved extracting a total of 500 barrels of oil — about two barrels per day — to see if the site was commercially viable.

The process that would be used involves a new technology never before used anywhere else in the world. It’s not “fracking,” which involves drilling for liquid oil. This involves converting the very rock itself into oil – a form of hydrocarbons — known as “oil shale.”

Jerusalem Says ‘No’ to Oil Shale Pilot – Is There A Future Elsewhere in Israel?

Sunday, September 7th, 2014

Israeli society is debating whether to allow industrialists to dip into its Middle Eastern treasure chest for the oil shale that lies beneath the holy land, while the Organization of Petroleum Exporting Countries (OPEC) waits in the wings for the outcome.

Oil shale is most commonly defined as sedimentary rock containing organic matter rich in hydrogen, known as Kerogen. When the rock is heated, the organic matter decomposes and releases petroleum-like liquids. In other words, black gold.

Industrialists and business investors say the move would bring energy independence to the Jewish State, which made its debut last week as an energy exporter with a deal to send natural gas to Jordan.

Environmentalists insist it would create an ecological disaster from which the nation’s delicate nature reserves might never recover.

A pilot project would determine whether the benefit outweighs the risk, or vice versa.

But last week, a committee voted in Jerusalem to block a pilot project in south-central Israel to check it out. An exploration that began in 2011 estimated that approximately 40 billion barrels of oil are sitting below the surface of the Ela Valley at a depth of approximately 200 to 400 meters.

After having started an initial exploration several years ago — one that was frozen in 2011 — the Jerusalem-based Israel Energy Initiatives firm wanted to move to a pilot project to determine its viability. The plan involved extracting a total of 500 barrels of oil — about two barrels per day — to see if the site was commercially viable.

The process that would be used involves a new technology never before used anywhere else in the world. It’s not “fracking,” which involves drilling for liquid oil.

This involves converting the very rock itself into oil – a form of hydrocarbons — known as “oil shale.” There is a massive amount of it in Israel, apparently, if one can figure out how to extract it and it seems that IEI chief scientist Harold Vinegar has managed to do it. The company’s former Minister of National Infrastructure and now IEI CEO, Effie Eitam, is also very involved.

In order to bring up oil shale, one drills heating wells into the rock, gradually heating it to 300 degrees centigrade over a period of nine months, which then separates and lifts the oil and leaves the rock below.

IEI said the process would not damage the ecosystem in the 238-square kilometer Shfela basin area.

About 200 meters of rock separates the layer of shale rock from the aquifer in the region, according to IEI, which insists drilling will not penetrate this layer. As a result, the company says, the aquifer will not be harmed. Israel’s Water Authority hydrologists agreed.

But environmentalists disagree.

Adam Teva V’Din – the Israel Union for Environmental Defense — argued in a 2010 lawsuit that the company’s plans did not have enough environmental protections in place. Regulations tightened in 2012 by the National Infrastructure, Energy and Water Ministry still did not cover the company’s plans – so Adam Teva V’Din filed another lawsuit.

Israel’s Society for the Protection of Nature in Israel also threw its support to the opposition, adding that the company’s plans seemed to be “shrouded in secrecy.”

Last week, the Jerusalem District Committee for Planning and Building voted 10-1 to reject the Jerusalem-based Israel Energy Initiatives’ project to drill for oil shale in the Shfela basin. There were two abstentions in the 10-hour committee meeting vote, which was a continuation of August’s unresolved nine-hour discussion.

Had the exploration gone forward, IEI CEO Relik Shafir told The Jerusalem Post in an interview this summer, the project had the potential to bring Israel “energy independence and a commercial value … to the tune of at least NIS 10 billion a year.”

Kurdish Oil Tanker Docks in Israel

Saturday, June 21st, 2014

A Iraqi-Kurdish crude oil tanker docked in Israel on Saturday night.

On Friday, JewishPress.com reported that the tanker, after not finding a buyer for its oil, due to threats from Iraq, closed a deal with Israel and would be docking in Israel. The oil is expected to be offloaded on Sunday.

Iraqi parliamentarian Abad el-Mahdi al-Hafaji said in response to the report, “The export of oil from Kurdistan to Israel is treason to Iraq, the Arab nation, and to the Palestinian cause.”

May this be the beginning of a beautiful relationship.

Tshuva To Export 20% of “Tamar” Gas Field to Egypt

Tuesday, May 6th, 2014

Yitzchak Tshuva plans to sell 20% of the gas drilled from the “Tamar” gas field to Egpyt, according to a report in Calcalist.

Letters of understandings were signed, and official contracts are expected to be signed in six months.

This is the first export agreement with Egypt, and follows the export agreement signed a few months ago with Jordan.

Egypt is to receive 4.5 BCM (billion cubic meters) each year for 15 years. The deal is valued at 1.1 to 1.3 billion dollars a year for a total of around $20 billion dollars.

The “Tamar” gas field holds an estimated 320 BCM and is owned by Noble Energy (36%), Delek and Avner Drilling (31.25%), Isramco (28.7%) and Dor Gas (4%).

Egypt Receives $700 Million in Oil Aid – Monthly

Wednesday, April 23rd, 2014

Egypt receives an estimated $700 million of oil every month from Arab countries, according to a report in the Egyptian Independent.

Egypt’s Petroleum Minister Sherif Ismail said that Saudi Arabia, the United Arab Emirates and Kuwait have been supplying Egypt with the needed oil and financing since Morsi was deposed in July, to the tune of $12 billion dollars.

Printed from: http://www.jewishpress.com/news/breaking-news/egypt-receives-700-million-in-oil-aid-monthly/2014/04/23/

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