"Discovery of the natural gas field 90 km. offshore from Haifa."
From the business section of Sunday's Jerusalem Post:
Jan 18, 2009 10:54 Updated Jan 18, 2009 23:49
Huge gas reserves discovered off Haifa
Article in the online edition of the Jerusalem Post
The Jerusalem Post reports:
- "A historic natural gas reservoir found offshore from Haifa is poised to meet Israel's natural gas demand for about 15 years and reduce the country's dependence on gas imports from Egypt and offshore from Gaza. "
- "If the Tamar site opposite the Haifa coast succeeds in producing the significant quantities of natural gas predicted, we are talking about a revolution which will have an impact on the Israeli economy for the coming generations."
- "The vast reservoir is poised to bring down electricity prices, reduce the country's dependence on gas from foreign countries, in particular from Egypt, and thereby turn Israel from a gas importer into a gas exporter."
- "Big celebrations are still premature. It needs to be remembered that the drilling is complicated and production possibilities are not yet completely clear. In addition, gas transportation is a much more complex and expensive process compared with oil transportation."
- Shares of Delek Drilling, which holds 15.6% of the Tamar prospect, jumped 41.7%.
- Shares of Avner Oil Exploration, which holds another 15.6%, surged 21.4%.
- Shares of fuel exploration company Isramco, which owns 28.7%, leaped 123.8%