Natural gas from Israel's offshore Tamar field began to flow into the country's energy grid Sunday after two years of a gas shortage. The gas will allow Israel to be energy independent for at least three decades, in addition to becoming a net exporter of gas, according to the Ministry of Energy and Water Resources.
Natural gas from
Israel
's
offshore Tamar field began to flow into the country's energy grid Sunday after
two years of a gas shortage. The gas will allow
Israel
to be
energy independent for at least three decades, in addition to becoming a net exporter
of gas, according to the Ministry of Energy and Water Resources.
The gas production from Tamar is also expected to add about 1% to
Israel
's
economic growth this year, according to the Bank of Israel. Taking the gas
production into account, gross domestic product is expected to grow 3.8% in
2013; without the gas, GDP would only grow 2.8%, the bank said. In 2012, GDP
grew about 3%.
"This is an important day for the economy of
Israel
,"
Prime Minister Benjamin Netanyahu said in a statement. "This is something
that will enhance the economy of
Israel
along
with all the citizens of
Israel
."
Most of the gas from Tamar, which contains an estimated 9 trillion cubic feet
of gas, will initially be used by the state-owned electric company. The
electric company is currently in debt and has had to raise prices recently due
to a gas shortage since a supply deal with
Egypt
fell
apart in the wake of political regime change there. Since gas stopped coming in
from
Egypt
in
2011, the electric company has had to rely on more expensive forms of fuel,
including diesel.
Israel
recently created a sovereign wealth fund for profits from the gas in Tamar and
the nearby larger Leviathan field, which is scheduled to begin production later
this decade.
Stakeholders in Tamar include Delek Drilling Ltd. Partnership (DEDR.L.TV) and
Avner Oil Exploration Ltd. Partnership (AVNR.L.TV) both subsidiaries of Delek
Group Ltd. (DLEKG.TV) which each hold a 15.6% stake; Isramco Negev 2 LP
(ISRA.L.TV), which holds 28%; and Houston-based Noble Energy Inc. (NBL), which
holds 36%.
At 0717GMT, shares of Delek Drilling were down 0.20 shekels, or 1.26%, at
ILS15.68 ($2,24); shares of Avner were down ILS0.044, or 1.6%, at ILS2.699;
shares of Delek Group were down ILS22.00, or 2.11%, at ILS1,021.00; and shares
of Isramco were down ILS0.011, or 1.63%, at ILS0.676, in a lower Tel Aviv
market.
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