Israel's recent discovery of mega gas fields titled Tamar and Leviathan are located off the Israeli coast from Haifa. These massive discoveries will soon transform Israel as they will adequately look after Israel's domestic needs forever and thereafter to supply foreign markets.
A number of countries are pursuing involvement in these finds. Among them
are Russia, China, Europe and South Korea. Putin was in Israel two months ago pursuing a contractual relationship with Israel on its gas development projects. Nothing has been signed yet.
Tamar is due to come online sometime in 2013 and Leviathan to follow in early 2014.
Additional target areas are being explored all the way down the Mediterranean coast of Israel.
The likelihood is that a pipeline from the gas discovery area will be built to Cyprus and on to Greece. This will help Greece with some of its financial troubles. It is expected there will be a plant built to liquify the gas at the Greek end of the underwater pipeline.
Geologists have recently completed a large mapping of most of southern Israel and preliminary findings indicate there are vast amounts of oil trapped in rock layers under about 15% of the State of Israel. This shale oil is technically difficult to extract but Israel and the companies involved are becoming very familiar with the methodology to extract this oil called 'fracking'. Retired Canadian experts in this system are now resident in Israel working on this huge project.
The World Energy Council and Israel Energy Initiatives have completed a
detailed study and presented it to the government on their estimates of Israel's shale oil potential.
They estimate that Israel's shale reserves could contain as much as 250 billion barrels of potentially recoverable oil.
This would be putting Israel on a par with Saudi Arabia in terms of its oil reserves!
Israeli planners believe that if the gas and oil
finds reach the levels that the potential indicates, Israel's current group of allies, trading partners and opponents could drastically change. Israel's geo-political standing in the world will also change.
It's amazing what friends can be made when you have oil and gas to export!