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January 18, 2009, 12:02 pm
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Good News ! The Blessings of the God
January 18, 2009, 11:55 am
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Published: 01/18/09, 11:54 AM

Israel Discovers Gas!

by Hillel Fendel

(IsraelNN.com) The Houston-based Noble Energy company, drilling for Israel’s Delek fuel company, announced that it has discovered a huge deposit of natural gas under the Mediterranean Sea near Haifa.

Infrastructures Minister Binyamin Ben-Eliezer (Labor) said that the find was of “historic proportions,” and that it could change the face of Israel’s economy.

Eighty-seven billion cubic meters, or nearly 3.1 trillion cubic feet, of high-quality gas are estimated to be in three deposits in the Tamar Drilling site, which is named for Delek owner Yitzchak Teshuva’s granddaughter. Teshuva said that the find marks a “historic milestone and a great holiday for Israel,” and that he has no doubt it will “supply Israel’s energy needs for many decades to come.”

Stock prices in the Delek company jumped 38% following the announcement, and its daughter company, Delek Drilling, has jumped even higher.

The gas is located 90 kilometers west of Haifa, between Israel and Cyprus, but the rights to the Cypriot drilling sites are also owned by Teshuvah.  The depth of the water above the find is 1.7 kilometers, over a mile, and the gas is located another 4.9 kilometers deep in an area 140 meters wide.

In light of the positive results from the finds, a $20 million test drill will be carried out over the next three weeks.