Live Mint: Israel Seeks India’s Help to Explore Gas Reserves

Israel wants Indian hydrocarbon companies to help it explore newfound gas reserves as it tries to build closer economic ties in the Middle East by supplying gas to neighbours Egypt, Jordan and Palestine, as well as Europe.

Israel has decided to export 40% of its current gas reserves of around 900 billion cubic metres (bcm), with more areas yet to be explored.

The ambitious plan is aimed at normalizing relationships in a region that is troubled by the long-standing Israel-Palestine conflict. This comes even as Israel prepares for a general election in March 2015 with Prime Minister Benjamin Netanyahu seeking a fourth term.

“I would like to invite Indian national oil companies and private companies to come and invest in our gas reserves. We want to provide an alternative energy source to Europe and want India as a partner,” Silvan Shalom, Israel’s minister of national infrastructures, energy and water resources, said. MORE