Israel's Gas Could Total 2.2 trillion m³
Israel's potential gas resources stand at 2.2 trillion m3 according to energy minister, Yuval Steinitz, who gave a speech at the annual Herzeliya Conference, north of Tel Aviv. According to Steinitz, this data was presented recently to the energy ministry by a French consultancy firm, whose identity he did not disclose. The potential was estimated at 50% probability, according to The Marker, a business website.
Based on this survey, but not only on this, the energy ministry plans to issue a new tender for energy companies to explore for natural gas off shore Israel. That will happen, Steinitz said in "a new method" though he did not elaborate on it. He said the tenders would be issued from September to November and the energy ministry is now in the process of drafting them.
"It is not a secret that growth in Israel is in decline in real investment and in export and that is worrisome," Steinitz was quoted by The Marker. "I have no doubt that the gas fields development and bringing natural gas to industry and transportation will be a huge growth engine. I have no doubt that what will save us from a recession and zero growth per capita and actually would get us back to a sensible growth rate will be advancement in gas fields development."
Yuval Steinitz, the Israeli Energy Minister (Credit: Ya'acov Zalel)
Earlier this year Steinitz traveled to Texas, US, for a kind of a roadshow in front of energy companies' executives, trying to lure them to come to Israel and explore for natural gas. So far, no evidence of success for the roadshow has emerged.
Ya'acov Zalel