Huge Natural Gas Find off Israel Coast | 5th Feb 2010

Israel’s discovery of the Tamar natural gas field in the Mediterranean is now valued at US $8 billion, nearly double previous estimates of local analysts. “The state of Israel will make over $5 billion in royalties and corporate taxes from the production of the gas at Tamar field alone,” said Gal Reiter, an energy industry analyst at Clal Finance & Brokerage.
Natural gas will be flowing into Israel by 2012, officials said. Analysts say the natural gas field will have a huge impact on the economy of Israel and is expected to make the Jewish state more energy independent. Israel’s National Infrastructure Ministry (NIM) announced it is considering adapting the country’s bus fleet as well as cars to run on natural gas.
As infrastructure is built for bringing natural gas onshore, local economies are also expected to benefit from the billions that will be spent on a 311-mile distribution network, officials said. In December, Noble Energy Inc., the company that discovered the field, announced that it had signed a Letter of Intent to sell natural gas from the Tamar field to Dalia Power Energies. Dalia, a private electricity company, has a license to build a natural gas fired power plant in Israel with operations planned to commence in 2013.

Source: Worthy News; Yalibnan.com; Revival Media

BIBLE STUDY: Zechariah 13:1-6

PRAISE: God that the people of Israel will be less dependent on erratic oil prices and supplies. Pray for seeds of peace in the area.