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August 29, 2015 / 14 Elul, 5775
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Posts Tagged ‘Tamar gas field’

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.

Tamar Group To Sell Gas To Egypt Through Same Old Pipeline Built For Gas Exports To Israel

Thursday, March 19th, 2015

Published by Jewish Business News

A consortium of private, industrial, and commercial Egyptian companies will buy at least $1.2 billion of natural gas from Israel’s offshore Tamar field, through the very same pipeline Egypt had used to send gas to Israel.

On Wednesday, the Tamar partners announced a seven-year deal with Dolphinus Holdings, with a minimum 5 billion cubic meters of natural gas to be sold in the first three years.

But Reuters cites an energy source in Israel who said the deal is likely to be more than three times higher, as Egypt has been facing an energy crisis.

The gas will run through the underwater pipeline constructed almost 10 ago by East Mediterranean Gas (EMG), which executed the Egyptian-Israeli natural gas deal killed by the President Morsi government, and attacks on the pipeline by Salafi terrorists in the Sinai.

A lot of water ran through the River Nile since.

Texas-based Noble Energy is the field’s operator.

Chairman of Delek Drilling Yossi Abu, said the deal highlights Israel role as “an energy anchor for countries in the region” and that the deal will “radically change Israel’s geopolitical status.”

The Dolphinus deal is subject to regulatory and other approvals in Israel, Egypt and from the East Mediterranean Gas Company (EMG).

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%).

Israeli Economy Second-Quarter Growth Exceeds Expectations

Tuesday, August 20th, 2013

Israel’s Central Bureau of Statistics (CBS) announced that the Israeli economy grew at an annual rate of 5.1 percent in the second fiscal quarter of 2013, beating economists’ expectations.

Economists had projected 3-percent growth in the second quarter for Israel. This compares with just 2.7-percent growth in the first quarter and 3.1 percent in the fourth quarter of 2012 for the Israeli economy.

According to the CBS, the positive report was driven by 6.7 percent growth in private consumption, 1.2 percent growth in the exports of goods and services, and 8.3 percent growth in public consumption, Globes reported.

Analysts also said that natural gas production in the Tamar gas field off the coast of Israel, which began at the end of March, might have also played a role in the higher-than-expected growth rate, Haaretz reported.

The strong growth of Israel’s economy comes despite the departure of internationally renowned economist Stanley Fischer as the head of the Bank of Israel in June. Two of Prime Minister Benjamin Netanyahu’s nominees to replace Fischer withdrew from consideration.

Printed from: http://www.jewishpress.com/news/breaking-news/israeli-economy-second-quarter-growth-exceeds-expectations/2013/08/20/

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