A Canadian oil and gas company doing an offshore test on Israel’s coast announced a natural gas find at the Sarah and Mira test sites worth well over $7 billion. From Globes Online:
The Mira and Sarah prospects are located just south of the Tamar and Dalit prospects, where Delek Group Ltd. (TASE: DLEKG) and its partners, Noble Energy Inc. (NYSE: NBL), Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L), and Dor Alon Energy in Israel (1988) Ltd. (TASE:DRAL) unit Dor Alon Energy Exploration Ltd found natural gas last year, which some sources estimate to be worth up to $40 billion. The prospects are north of Yam Tethys’ Mary prospects offshore from Ashkelon, BG Group plc’s (NYSE; LSE: BG) undeveloped fields offshore from Gaza, and East Mediterranean Gas Co. (EMG) fields offshore from El Arish in Sinai.
The find is good news for the Israeli economy. While God’s practical joke of giving the Jewish people the only place in the Middle East without oil has held, technology has allowed deep water offshore exploration. The natural gas is valuable in Israel and around the world primarily for heating and electricity production.
This bring the total finds around the area, as far as my research found, to nearly $50 billion. I hope that businesses reinvest the profits into the Israeli economy rather than take them all abroad.
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