A joint US-Israel exploration team claims to have found up to 3 trillion cubic feet of natural gas off the Israel coast. The site, about 90 kilometers from Haifa, has the potential to meet Israel’s natural gas needs for ten years.
More research is being done at the site, but if all goes as planned Israel will be producing natural gas by 2013. This would be a great find for Israel. The Jewish state is constantly under the threat of losing gas sources. Recently tensions with Egypt have threatened natural gas supplies into Israel.
One site is currently producing gas off of Israel’s coast farther south. The new site may lead to a $24 billion production source. Shares of the involved companies climbed on news of the find.
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