Yet another gas field has been discovered off Israel’s coast, further establishing the Jewish state as an energy empire.
Israel has uncovered another natural gas field off its coast, the third-largest discovered thus far.
The Royee field is estimated to contain between 1.9 and 3.2 trillion cubic feet (TCF) of extractable natural gas, Israel’s Globes reports, citing a report released Sunday by Ratio Oil and Israel Opportunity Energy Resources. Ratio holds 70% of the ownership; Israel Opportunity, 10%, and Edison, 20%.
Royee, located approximately 93 miles from Israel’s coast, near the international maritime border with Cyprus and Egypt, ranks after the Leviathan and Tamar gas fields.
The figures in the report are based on a three-dimensional seismic survey carried out in early 2010 over an area of 505 square kilometers, according to Globes.
Tamar, which has at least 11 TCF of natural gas, is expected to meet Israel’s energy needs for the next 20 years. Leviathan is estimated to hold 21.9 TCF.
Royee may not be developed immediately, as the quantity of gas already available on the market due to Leviathan and Tamar renders the development of Royee not worthwhile for a commercial standpoint, Globes explains.
Israel Opportunity CEO Eyal Shuker told Globes: “This is good news and highly significant at the national level. We have learned that the Levant basin contains in its depths many more reservoirs, and I hope that the next Israeli government will understand the opportunity and encourage entrepreneurs to continue their exploration and development activity for the sake of a promising future.”
Israel – An Energy Empire
Some thirty-five trillion cubic feet of gas have been found in Israeli waters, worth some $500 billion. This crucial discovery enables Israel to become energy-independent for the first time in history and has also turned Israel into a major player in the international energy-exporting market. One cannot overstate how important the discovery of natural gas in the Mediterranean has been for Israel. The Leviathan gas field is the largest discovered natural gas repository of this century.
Jerusalem has already signed an agreement with Jordan, according to which Israel will become the main supplier of energy to the Hashemite Kingdom in the next 15 years at a total sum of $15 billion. Contracts with other neighboring countries are being examined.
By: United with Israel Staff
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