The State of Israel now has 7.31 trillion cubic feet of natural gas at its disposal. Up until now they thought it was only 6.29 trillion, but they decided to add another trillion and change to the estimate today. That is an inordinate amount of fuel, enough to run the country independently for several decades. 36% of the gas field, found off the coast of Haifa, is owned by Noble Energy, an American company that operates the site on behalf of its other Israeli partners.
These are Isramco Negev 2, (29%) Delek Drilling (16%), Avner Oil Exploration (16%) and Dor Gas Exploration (4%). Of course, all those stocks went way up as a result of the announcement. The proven reserves are about 6 trillion, and the estimated and probable are a whopping 7.7 trillion. The latter number is the one being used to formulate the companies’ future plans regarding the site.
Israel will now not only be able to independently fuel its own electricity needs, but also export and make some good money. This will also affect energy bills, so if you live here, you’ll be paying less on those bimonthly bills you get in the mail.
Gideon Tadmor, CEO of Avner and Tzvi Greenfeld, CEO of Delek, said, “The professional and independent report that was received verifies the remarkable size and quality of the Tamar Field.”