Natural Gas Source Discovered at Israeli Site

Natural Gas Source Discovered at Israeli Site

By: BEV SPRITZER
Published: June 3rd 2010 in News » Israel

Haifa bay ( my city ! )

Several companies, including Yitzhak Tshuva’s Delek Group, announced the discovery of commercial quantities of natural gas at its Dalit-1 site in Israel.

The gas reserves are about 50 miles off the coast of the northern Israel port city of Haifa, and could potentially mark the largest natural gas find in history, according to Tshuva.

Tshuva also added that it was reasonable to assume that the quantities of natural gas found off the shores of Israel and Cyprus are massive, suggesting that the Israeli government could soon be exporting the resource to countries across the globe.

"The existing gas discoveries are adequate to supply all of Israel's needs for many years, and we are examining the possibility of exporting natural gas to other countries," said Tshuva. "Israel will be an important player in supplying natural gas."

The new two gas drilling sites, Dalit-1 and Tamar-1, are expected to start producing gas in 2012.

According to Asi Bartfield, the CEO of the Delek Group, "Independence Day is on the way... We are very pleased with the results. The chances were greater that the wells would be dry, but if in both the wells, we hit a bull's-eye and announced commercial [quantities] - then why should we be disappointed?" said Bartfeld, referring to the smaller than hoped quantities in Dalit-1.

Tshuva told Army Radio that the find could very well transform the Israeli economy.