Well folks! It looks like worldwide anti-Semitism is about to experience their worst nightmare because Israel has discovered it's second pool of natural gas in two years. This one is the "mother lode" and will likely turn Israel into a natural gas exporting country.
Leviathan gas find spurts optimism (Jerusalem Post)
“The Leviathan exploration has the potential of being twice the size of Tamar, which was the largest gas discovery globally in 2009,” Richard Gussow, a research analyst at Deutsche Bank, said Thursday.
In addition, Noble Energy confirmed Thursday that the Tamar project remains on schedule for sanction in 2010 and first gas production sales in 2012. Noble Energy on Wednesday increased its expectations for gross recoverable gas resources at Tamar by 33% to 8.4 trillion cubic feet as a result of updated reservoir studies.
“This year we have undertaken significant capital projects to help maintain a high Mari-B deliverability through 2012, and we are working hard to enable Tamar first gas sales late in that same year,” Davidson said.
Noble Energy’s discoveries could provide about 35 years of Israel’s natural-gas needs at projected 2012 demand rates. The capital investment for Tamar is estimated at $2.8 billion.
“With the Tamar project expected to supply Israel with its natural-gas needs for the next three decades, a discovery at Leviathan, should there be one, would be earmarked for export,” Gussow said.
Therefore, Israel is now energy independent and soon will be poised to be a net energy exporter. I have long pointed out that over the years that Israel, with 1/4 the population of Saudi Arabia has a GDP of approximately half of Saudi Arabia. Moreover, Israel achieved this economic strength with no petrochemical wealth. Now, combined with petrochemical wealth (Reports say there may be petroleum underneath the Leviathan gas field.) Israel's economy could become the the single largest in the region.