Israel could be one step closed to energy independence after drilling companies announced the discovery of “extremely significant” natural gas reserves at an offshore drilling site in the Mediterranean about 60 miles off the coast of Haifa, Israel.
One massive pocket of natural gas is expected to contain more than three trillion cubic feet of natural gas, enough to feed Israel’s energy needs for 15 years, lessening its dependence on foreign fuel.
This is the largest natural gas reserve discovered in Israel, with an estimated value of $15 billion. It is three times larger than an existing drill site on Israel’s southern coast, which is expected to be depleted in five years. Israel’s National Infrastructure Minister Binyamin Ben-Eliezer called the discovery an “historic moment” for Israel.
The Tamar 1 site, named after the granddaughter of Israeli geologist Yossi Langotsky who helped locate the site, is a joint venture between four major stakeholders: the Houston-based Noble Energy, and three major Israeli partners Isramco Negev, Delek Drilling, and Avner Oil and Gas Exploration.
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