JERUSALEM — Exploratory drilling off Israel’s northern coast this week has confirmed the existence of a major natural gas field — one of the world’s largest offshore gas finds of the past decade — leading the country’s infrastructure minister to call it “the most important energy news since the founding of the state.”
Houston-based Noble Energy, which is working with several Israeli partner companies, said that the field, named Leviathan, whose existence was suspected months ago, has at least 16 trillion cubic feet of gas at a likely market value of tens of billions of dollars and should turn Israel into an energy exporter.
“If it acts correctly, levelheadedly and responsibly, Israel can enjoy not only the benefit of using the gas, but it can also turn into a gas supplier in the Mediterranean region,” the infrastructure minister, Uzi Landau, said in a statement. “The large reserves of natural gas will enable Israel’s citizens to enjoy the benefit of clean and inexpensive electricity, as well as the expected profits for the state.”
The find means that Israel, with a long history of dependence on foreign energy, and hostility and boycotts from many of the biggest energy powers, could find itself in a much more advantageous position in the coming decade.
http://www.nytimes.com/2010/12/31/world/middleeast/31leviathan.html
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