Tuesday, July 3, 2012

Israel to capitalize on new oil & gas reserves

Israel has discovered additional oil & gas off shore.

Last week, Israel Opportunity Energy Resources LP discovered an offshore oil and gas field with an estimated 1.4 billion barrels of oil and 6.7 trillion cubic feet of natural gas.

When combined with the enormous reserves in the Leviathan formation, also off shore, the Israelis may be sitting on oil & gas reserves that rival those found in Saudi Arabia and extend known reverses in other areas of the middle east.

This will continue the ongoing shake up of the geopolitical chess board in the region.  These reserves, combined with the so-called Arab Spring, provides significant fuel for speculation in the region.

An Energy Giant in the Making?

UPDATED.  Professor Mead has a piece up that is more thorough and more well documented than the initial piece to which I linked.  The excerpt below comes from his blog post, linked below.

Gas is one thing, but potential for huge shale oil reserves under Israel itself, however, is a new twist. According to the World Energy Council, a leading global energy forum with organizations and affiliates in some 93 countries, Israel may have the third largest shale oil reserves in the world: something like 250 billion barrels. (The US and China are both believed to have larger shale oil reserves, with the US believed to have the equivalent of well over 1 trillion barrels of potentially recoverable shale and China having perhaps one third of that amount. Canada’s Athabaskan oil sands reserves may contain the equivalent of 2 trillion of barrels conventional oil, or more than all the conventional oil known to exist in Saudi Arabia, Iraq and Iran combined.) If the estimates of Israeli shale oil are correct, Israel’s gas and shale reserves put its total energy reserves in the Saudi class, though Israel’s energy costs more to extract.

Israel's Emergence as an Energy Superpower Makes Waves

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